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10th July 2018
SMEs with Export Ambitions Deserve Financial Lifeline, says GIC Capital
Research shows that SMEs are sceptical about the opportunities they can access by reaching international markets despite the potential for success. With few SMEs keen to invest in exporting, GIC Capital argues that financial support is needed for those with international ambitions, paving the way for others to follow.
The research conducted by Bibby Financial Services discovered just 10% of SMEs planned to invest in their international trade in the short-term, with two thirds of businesses only buying and selling domestically.
Kennedy Zvenyika, Managing Director of GIC Capital, said, “The reluctance of SMEs to look at importing and exporting could mean they’re missing out on huge opportunities. Importing from across the British borders can prove more cost-effective, enhance quality, and strengthen supply chains. The exporting market can be just as lucrative for British businesses that do their research. Due to a high amount of regulation, British made goods are typically seen as high quality. More than a quarter of SMEs believed that their goods or services would not be suited to an international market but I believe it’s often a case of not exploring the right options.
“While, according to this research, just one in ten SMEs are planning to export internationally, it’s important to ensure they have access to the right finance. SMEs looking internationally have a lot of potential to see exponential growth, boost the economy, and show other British businesses that exporting can work for them. It’s an ambition we need to support.”
GIC Capital is a dedicated provider of SME finance, offering a range of solutions in order to match the diverse needs of the SME sector. With expert knowledge, the GIC Capital team re able to help SMEs identify the right type of credit for their ambitions, whether it’s international trade or investing in more staff, and improve their chance of securing the vital financial line. Traditionally, SMEs have struggled to access finance from high street lenders and GIC Capital aims to bridge that gap by connecting the UK’s small businesses with alternative lenders that see their potential.