COOKSTOWN screening firm CDE has become the first company in the north to benefit from a new financial product which helps overseas buyers access government support to boost demand for UK exports – and which in turn has helped it secure a lucrative contract in Tunisia.
CDE has benefited from the new Standard Buyer Loan Guarantee (SBLG), launched by UK Export Finance to ensure UK exporters get paid upfront and their buyers benefit from flexible repayment terms.
The guarantee scheme helps importers of UK goods and services obtain the financing they need, unlocking trade and boosting exports.
The scheme provides a guarantee for a loan worth up to 85 per cent of the contract value – typically between £1 million and £30 million.
CDE, which provides wet processing equipment for construction and recycling operations, secured a multi-million pound contract in Tunisia to expand the production capabilities at a silica quarry in Oueslatia.
In absence of a financial solution from the commercial market to support extended repayments in Tunisia, it contacted UKEF, who offered a nine-year facility to finance the contract for their buyer.
Marc Jennings, chief executive at CDE, said: “This is the second time we’ve partnered with UKEF. Its export sales support facilitated the development of a major recycling project in Europe, a very important sector for our future growth.
“The finance facility offered for this new project, a second silica sand wet processing plant for our customer Sebri Group, is a boost to our business, sustaining engineering manufacturing roles, and the access to finance ensures our customer can continue to invest in the best solution to help them grow.”