Chancellor George Osborne announced in his Budget that “today we back businesses that export”, unveiling plans to double the amount of export finance available through UKTI to £3bn, at half the interest rate.
Many UK exporters are already using MarketInvoice to fund their export growth – trading invoices to their foreign customers with the online platform’s network of sophisticated investors. This sees them access working capital immediately as opposed to waiting for up to 120 days to get paid.
Some stats about export activity on MarketInvoice:
- £140m of invoices funded through MarketInvoice so far, 40% of that for export
- MarketInvoice clients are exporting to over 30 countries around the world – across every continent
- Export sectors funded via MarketInvoice include: tech, media, online services, manufacturing and engineering
- Average export invoice funded on MarketInvoice is worth £110k
MarketInvoice CEO Anil Stocker said:
“We know that cashflow to support export activity is the key concern for businesses considering geographical expansion – and often the reason why they put it off.
“Banks are often unwilling to fund export debt or will only do so at a higher price, which is why alongside UKTI, alternative finance providers have a major role to play in providing the fuel for our nation’s export growth”.