At Newable, we are proud to support UK SME exporters to grow their businesses further. Our flexible UK Export Finance (UKEF) backed cash flow facilities are helping a growing number of UK SMEs to win new contracts and orders, hold increased stock levels to meet new demand and sell to more customers.
Our Export Finance facility is a UKEF supported solution that gives exporting SMEs flexible working capital to help them exploit opportunities and respond quickly to cash flow challenges, which can often be faced by businesses experiencing periods of growth.
Newable provides working capital finance facilities of up to £300k for exporters. These funds can help them win contracts, fulfil orders and support growth. The flexible nature of our facility also allows clients to re-draw capital they repay to ensure support is there when it is really needed.
In this blog, we will take a closer look at the simple application process for UK SMEs, who look to our facility for additional cash flow support.
Newable works closely with UKEF whose Regional Managers often introduce potential clients to us. We also work closely with commercial brokers and other introducers, as well as receiving direct applications from businesses, for our facilities.
Initial Vetting: Ensuring Compatibility
Before we proceed further, our team conducts a brief initial “vetting” process. We assess whether the prospect is likely to be eligible for the finance we can offer before guiding them through the full process.
Connecting with the Prospect
Communication is key. We reach out to the prospect, often holding remote discussions via Teams as our prospects are located all over the UK. This initial conversation allows us to better understand the business and the challenges we can assist them with. The conversation also allows the client to ask questions and ensure that they appreciate how our facility works, understand how it can support their cashflow needs, the potential timescales and costs involved.
Confirming the Discussion: Email Follow-Up
After the Teams meeting, we send an email to the prospect. This email confirms the contents of our discussion and outlines the next steps. We also guide them on how to apply and the supporting information they need to provide.
Receiving the application
Once the prospect provides the necessary information (such as financial accounts and the application form), the application and key data are loaded onto our online Portal, which allows us to process the client’s request as soon as possible.
KYC and Identity Checks
Know Your Customer (KYC) and identity checks are carried out electronically, in most cases eliminating the need for clients to provide physical documentation to ensure quicker timescales.
Case Submission to Underwriters
Our Underwriting Team are then allocated the application. They carefully review the case, ensuring that the client is able to afford the requested facility and making sure that the business meets all eligibility criteria as set by UKEF, before liaising directly with UKEF to ensure that an application will be approved quickly.
Offering Terms to the Prospect
If we are able to approve an application, we email the prospect with a summary of the terms we can offer, clearly setting out all aspects of the proposed facility.
Preparing Necessary Documentation
Once we receive the client’s confirmation that they are happy to proceed, we are then able to instruct our solicitors. They prepare the necessary legal documentation, ensuring this is received by the client as soon as possible.
E-Signatures and Document Completion
The prospect receives the documents electronically. E-signatures help to make the process seamless. Our solicitors confirm when all documents are signed and ready.
Confirming Drawdown Amount
The prospect communicates how much they wish to draw from their facility. They have the flexibility to request the full amount immediately if required or they can draw in tranches, aligning with their particular requirements.
Payout and Facility Activation
Final checks are made, we release funds and the facility goes “live.” The prospect can now utilise the monies received to grow their business further.
Whilst each application is unique, when funding is needed quickly, we can usually ensure that a client receives funds within around 10 working days of a full application being submitted. This fast access to funds is especially beneficial for clients, who may be presented with an opportunity which requires them to act quickly.
Newable are passionate about helping UK exporters and our UKEF backed facilities are helping more businesses to turn their growth plans into reality.
For over 4 decades, Newable has been supporting thousands of businesses every year through the provision of Money, Advice and Workspace. As an employee-owned business with a commitment to creating positive impact in all that we do, our team are on hand to help your business today.
Find out how we can help you and your business navigate the challenges of exporting