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.
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.
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.
To read the full article by HM Government, please click here.