Newable Commerce, part of the Newable Group, is pleased to announce an additional £70 million funding from Quilam Capital, Shawbrook Bank and Hampshire Trust Bank, which will help to supercharge its support of UK SMEs on their export journeys.

Newable Commerce simplifies international trade for UK SMES.  It does this by offering flexible, revolving and term debt facilities for up to 24 months and is able to progress applications to funding within days, not months. It specialises in funding exporting SMEs through offering working capital products that are better aligned to the extended payment cycles of international business.

This new funding will allow Newable Commerce to help hundreds of SMEs each year and provide the funding to launch additional products that integrate working capital, foreign exchange and international payments.

Newable Commerce helps UK based internationalising businesses export and with this additional funding in place, is poised to deploy over £70m in the next 24 months to SMEs who are typically turning over less than £10m per annum, providing them with the necessary financial capacity and to thrive in global markets.

The news comes at an opportune time as Jonathan Reynolds, Secretary of State for Business and Trade and President of the Board of Trade, set out his plans for his Department, commenting in an open letter: “I am determined to do more to support small and medium-sized businesses. The department’s Business Plan sets out an ambition to significantly increase the number of small businesses UKEF supports, reaching over 1000 a year by 2029.”

Phil Reynolds, Managing Director of Newable Commerce, commented on the milestone: “There is a growing imbalance between SMEs looking to export and available funding options particularly in the sub-£10m turnover market, meaning we are incredibly excited about this partnership. This funding line will significantly bolster our capacity to support UK SMEs on their export journeys, ensuring they have the financial backing to seize international opportunities and drive their growth.”

“As a business, we firmly believe in the power of UK SMEs, the lifeblood of our economy, and we remain committed to empowering businesses to succeed.”

Alex Scott, Director at Quilam Capital commented: “We are delighted to be supporting Newable Commerce with this investment and partnering with the Newable Group to provide significant scalable funding and strategic support to the platform. The demand from UK SME exporters for funding to help grow their businesses is significant and the Newable Commerce team have built a unique and focused set of products to support these businesses and address this exciting market opportunity”.

Newable Commerce is an accredited lender on the British Business Bank Growth Guarantee Scheme and UK Export Finance’s General Export Facility Scheme.

Since launching its export-focused lending two years ago, Newable Commerce has helped a broad range of businesses on their export journeys including fuelling County Down-based Copeland Distillery’s expansion into the US; supporting Telford-based battery manufacturer AceOn Group acquire German stock and supporting Kent-based The Great Outdoor Gym Company tackle global markets.

Newable has been helping SMEs to thrive for over 40 years and each year supports over 20,000 businesses each year.