UK’s Minister for Exports Mr Mike Freer announced that Teesside steel company Paralloy has secured GBP 15 million funding package from Santander UK with an 80% guarantee from UKEF to support its export-led growth. The guarantee is a UKEF General Export Facility, which is designed to help UK businesses easily access funding to cover the cost of international trade and help level up export opportunities for businesses across the UK. Paralloy makes patented steel alloy castings used in high temperature furnaces and exports 95% of what it makes in the UK to 70 overseas markets. Its exports have reached record levels of up to GBP 50 million and the firm required general working capital to fulfil record demand for its services.Paralloy is one of only a handful of companies worldwide to produce these steel castings and is a key supplier to the blue hydrogen market, which produces virtually no greenhouse gas emissions and is much in demand as firms across the world transition away from polluting fossil fuels.UK Export Finance is the UK’s export credit agency and a government department, working along-side the Department for International Trade as an integral part of its strategy and operations. Established in 1919, it exists to ensure that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services.
UK’s Minister for Exports Mr Mike Freer announced that Teesside steel company Paralloy has secured GBP 15 million funding package from Santander UK with an 80% guarantee from UKEF to support its export-led growth. The guarantee is a UKEF General Export Facility, which is designed to help UK businesses easily access funding to cover the cost of international trade and help level up export opportunities for businesses across the UK. Paralloy makes patented steel alloy castings used in high temperature furnaces and exports 95% of what it makes in the UK to 70 overseas markets. Its exports have reached record levels of up to GBP 50 million and the firm required general working capital to fulfil record demand for its services.Paralloy is one of only a handful of companies worldwide to produce these steel castings and is a key supplier to the blue hydrogen market, which produces virtually no greenhouse gas emissions and is much in demand as firms across the world transition away from polluting fossil fuels.UK Export Finance is the UK’s export credit agency and a government department, working along-side the Department for International Trade as an integral part of its strategy and operations. Established in 1919, it exists to ensure that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services.
