Black Country firms urged to seize global trade opportunities as finance hurdles discussed at Dudley summit

A Dudley roundtable has heard how a perceived lack of finance is still putting some Black Country firms off exporting, despite the region’s long trading tradition and strong appetite to grow overseas.

Barclays hosted the business and exports event alongside Sonia Kumar MP and UK Export Finance (UKEF), bringing together local businesses, regional stakeholders and local authority representatives to discuss the obstacles they face in domestic and international markets.

The West Midlands is the third largest exporter of goods in the UK, but feedback at the meeting suggested many businesses are delaying export plans because they believe finance is hard to secure.

Mark Sankey, export finance manager for UKEF, set out how the Government’s export credit agency can help bridge the gap between businesses and banks by providing extra security so exports are not lost because of a lack of funding.

The British Business Bank also pointed to its £400m Midlands Engine Investment Fund, which supports SMEs across the Midlands with growth plans, whether or not they are exporting.

Barclays said its £22bn Business Prosperity Fund is designed to support clients with the finance they need to scale up, and under its Backing Britian’s Future commitment it will support an additional 1.5million businesses by 2030.

Alongside finance, attendees also raised concerns about paperwork, red tape and energy bills. But the discussion also focused on the benefits of exporting, with businesses that trade overseas described as more innovative, more productive and often better paid. ONS analysis found UK exporters were 28.5 per cent more productive than businesses that do not export.

Raj Kandola, the new chief executive of the Black Country Chamber of Commerce, said the West Midlands accounts for around 10 per cent of all UK exports, with the US as its biggest trading partner.

Sonia Kumar MP said: "The Black Country has always been a region that makes, creates and exports. From businesses on the Pensnett Industrial Estate to manufacturers across Dudley, we have the talent, expertise and ambition to compete on the global stage.

"It was invaluable to hear directly from local employers about the challenges they face and to bring them together with Barclays, UK Export Finance and the British Business Bank to discuss practical solutions.

"I am committed to championing Black Country businesses in Parliament and ensuring they have the support they need to invest, create jobs and grow their exports. When businesses in Dudley succeed, our whole community benefits."

Paul Faulkner, vice chair for the Midlands, Barclays, said: "A big thank you to Sonia and to our guests who joined us to share their insights and experiences. What came through clearly was the ambition among Black Country businesses to grow and trade overseas, but also some of the practical barriers they face, from paperwork and shipping costs to energy bills and access to finance.

“The Black Country has been trading with the world for generations. Bringing businesses together with organisations such as UK Export Finance and the British Business Bank is about giving them confidence and making sure more firms understand the support available when they want to grow overseas.”