
UK businesses are still struggling to access finance to help them export and drive economic growth.
According to the British Chambers of Commerce?s annual International Trade Survey, around a quarter of UK companies preparing to export have reported difficulty in accessing trade finance or credit insurance from lenders ? financial products tailored specifically to support firms trading in overseas markets. The BCC also found that 60 per cent of potential exporters cite general access to finance as a key factor in plans to export goods or services. The BCC went on to reveal that accessing the appropriate financial products is crucial to businesses looking to export to help cover new costs including market research and product development and managing the risks around shipping and payment. Of those on the cusp of exporting, who stated that securing the right funding was a key consideration in deciding if, when and where they would export to, over half, 57 per cent, are micro firms, 29 per cent are small firms and 14 per cent are medium or large firms. Despite this caution, 90 per cent of businesses that are already exporting say further expansion is a priority. This, said the BCC, indicated that confidence in economic growth is becoming more widespread across the country and that appetite for new expansion is returning. Read more on exporting:- Cameron sets off for Asia to seal business deal worth ?750m and push for free trade agreement
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- The key fundamentals to address for any business considering exporting
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