The export potential of Essex knows no bounds.
While for some companies exporting may seem daunting, working with the government can help you access the trade finance and insurance you need to make it happen.
In the last few years, two local companies have benefitted from government support that helped take them to the next level.
Exporting Essex Girl Beauty to the world
One such company is Essex Girl Beauty, which sells innovative products to beauty salons and retail customers around the world.
With government backing from UK Export Finance (UKEF) and the Department for International Trade (DIT), the company increased its revenue by 50%.
For Michelle Lauren, the company’s founder, government support was a welcome boost as her business faced an uncertain future, despite its initial success.
An export assist
With 35% of Michelle’s sales going to export markets in Europe, the US and Canada, Essex Girl Beauty faced cash flow restrictions. In order to buy new products, she had to make a quick return on her existing stock.
Michelle then turned to DIT, who put her in touch with her local export finance manager (EFM) at UKEF. Together they explored what products were available from her bank, before he arranged introductions with the relevant people.
“As soon as I explained my situation, it was clear UKEF really understood my business and what export finance products were needed to help my business grow and thrive,” Michelle said. “The connections and introductions my EFM made have been instrumental in helping me buy additional stock, and sell more both in the UK and abroad.”
A growing track record in Essex
UKEF and DIT have a record of helping companies in Essex export their goods and services around the world.
Most recently, a local business secured one of the most significant contracts in its 30-year history with government-backed finance.
Glasstronics, based in Great Wakering, designs furnaces that electrically melt glass using joule-heating technology.
When the company needed trade finance to carry out a contract with Vista Alegre Atlantis, a porcelain manufacturer, Glasstronics turned to their local EFM.
With help from UKEF and a trade-friendly bank, the company got the sizeable bond it needed issued, helping it secure a £4.2 million contract.
Find your nearest EFM
If you’re looking to export your goods and/or services, contact your nearest EFM by phone or email.
For businesses unable to get the financial backing needed to export, our EFMs can help you get a better understanding of the products and services UKEF provides.
“There’s lots of support out there for entrepreneurs who want to export more and grow their businesses,” Craig Green, EFM for Hertfordshire, Buckinghamshire and Essex, said. “Alongside trade finance from the traditional high street banks, there is a range of alternative financial support available, including peer-to-peer lending and crowd funding.”
To learn more, get in touch today and our EFMs can help you get started on your export journey.