The guarantee is a UKEF General Export Facility (GEF), 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. Minister for Exports, Mike Freer, has today announced that Teesside steel company Paralloy has secured a £15 million funding package from Santander UK with an 80% guarantee from UKEF to support its export-led growth.
As the country builds back better from coronavirus, the funding package has enabled Paralloy to take on higher value export contracts, open two new sites in Teesside, and create 76 new highly skilled jobs locally. The firm has plans to hire a further 40 additional staff, including engineers, welders and fabricators this year.
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 £50 million, and the firm required general working capital to fulfil record demand for its services.
The announcement comes as the UK government embarks on its first International Trade Week (November 15 – 19), designed to help businesses learn more about selling globally and connect with trade industry experts. The week will launch the ‘Made in the UK, Sold to the World’ campaign, and will include a series of virtual and in-person events, including daily presentations outlining UKEF’s financial support for exporters.