Manufacturing in the UK
UK manufacturing may have declined since the 1960s, but it remains a key driver of the British economy. According to the latest stats from MAKE UK, the manufacturers’ organization, the industry outputs £191 billion per year and employs 2.7 million people. It also accounts for 45% of the UK’s exports, with almost a quarter of factory output going to overseas customers. As a result, the UK currently ranks as the ninth largest manufacturer in the world.
However, British manufacturers are now operating in a period of economic uncertainty brought about by the result of the EU referendum and the pandemic. While the weakening pound has generally been good news for exporters, the increasing cost of imported goods such as oil has forced many manufacturers to bump up their prices, leading to a slowdown in growth across the sector.
Finance for manufacturing businesses
Cash flow is also a common challenge for manufacturing SMEs, with many having to make regular payments to suppliers while awaiting payment from their larger customers. Finding ways to reduce costs is a good place to start, but an occasional injection of capital can help plug any temporary cash flow holes, while allowing manufacturers to focus on growing their business.
Thankfully, manufacturers today are blessed with more funding options than they were ten, or even five, years ago. With banks cutting back their SME lending activity in the wake of the 2008 recession, a wave of alternative lenders have entered the small business finance space, with many able to lend to companies in a matter of days.
Better still, alternative finance providers like Fleximize don’t always require a company to have a perfect credit history, meaning they’ll often lend to businesses that failed to secure funding from a bank.
Manufacturing finance from Fleximize
Fleximize has funded many SMEs from the UK’s manufacturing sector, including Great Tey Metalcraft, a family-run blacksmith business that required finance for new machinery. The equipment meant the company could expand its customer base, with the speed of funding allowing it to capitalize on its already solid growth.
Our business loans can be used for several purposes, from the purchase of a factory to covering the cost of a new supply line. They also come packed with a range of flexible features including top-ups and repayment holidays. Here’s everything you need to know:
- Business loans of £5,000 – £500,000
- Unsecured and secured borrowing options
- Flexible repayment terms of 3 – 48 months
- Speedy application with minimal paperwork
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services#Anyone that applies for funding with Fleximize is assigned their very own relationship manager, who will work with them at every stage of the application process to build a finance package that fits the unique needs of their business.
We won’t necessarily turn down a business with a less than perfect credit history. As long as you can show us a recent record of timely debt repayment, and demonstrate how your business will sustain its revenue and growth, we will consider lending to you.