Being sought out by the media is always rewarding for us, particularly when the medium is the Financial Times, one of the world’s most respected publications.
The piece that appeared on Tuesday in a special report on the British Chambers of Commerce quoted our Chairman, Colin Hygate, on how fundamental UK Trade & Investment (the promotion arm of the BCC) has been to our success as an exporter. Along with the other exporters quoted in the article, it also gave him a chance to suggest where, in our experience, there was room for improvement in their service offering.
Although Green Fuels is neither a big company nor, quite rightly, a household name, 90% of our business is export. We trade with such a wide variety of countries, from South America to North Africa and the Middle East to the Far East, and the one common barrier to trade that we come u against almost everywhere is access to finance and its impact on cash flow. Indeed, the FT article concludes that this is probably the biggest issue facing UK exporters today.
Colin explains. “The problem most exporters experience is the ability of our customers to get financing. The UK has a system to overcome this – export finance guarantees – but they are so complex, and therefore time-consuming, that it is extremely difficult to justify getting involved for contracts of less than £5m. Given that our processors are priced way below £1m, this is a real barrier to trade.
UK Business Secretary Vince Cable is well aware of this, and other barriers, and has recently announced a new business bank which aims to give the burgeoning export market better access to cash. It is absolutely true that growing this market is an important route to a better financial future for the UK. Here’s hoping this initiative makes a real difference.
The Financial Time article can be found here: http://on.ft.com/RVhK9B