export northern ireland · 2017-10-06 · export northernireland 7 case study: ems help in a...

EXPORTNORTHERN IRELAND2016IN ASSOCIATION WITH

FOREWARD

GLOBAL CONNECTIONSTO HELP YOU GROWAndrew Fraser, Santander Business Development Director for Northern Ireland, explainshow SMEs could expand their horizon with the bank’s support

Santander is looking to supportSMEs that have ambition. In 2011we launched our Breakthrough

programme which is designed to supportfast-growth SMEs with capital fundingand a raft of other support services.

Over the last four years we have beenworking to develop that proposition.

Not all ambitious SMEs are fast-growth,so we have designed a programme thatwill support them, ranging from financialto non-financial services.

Our Breakthrough Programme has fivepillars which look to support SMEs ateach stage of their commercial journey.

As a Bank we have gone through thatstart up and growth-phase ourselves, sowe understand what SMEs are goingthrough.

Breakthrough Knowledge is anopportunity for any business withambition to work with people who haveachieved accelerated growth andunlocked potential in their businesses. Akey part of our support under this pillarare our masterclasses with iconicbusinesses such as Google and SaatchiMadius.

Breakthrough Talent aims to let SMEshave the opportunity to build the talentedworkforce they need to take theirbusinesses forwards. This is done throughan internship programme where we willaim to put 2,000 interns from UKuniversities into SMEs around thecountry. We have also teamed up withPeninsula which provides a wrap-aroundHR advice service.

Breakthrough Connections bringstogether like-minded SMEs who will beable to support, debate and inspire eachother via online communities andthrough a series of local workshops.

Breakthrough Finance is a package ofgrowth capital support which isinnovatively tailored and sits alongsidetraditional banking providing customerswith individual packages unique to theirown growth cycle.

Finally, Breakthrough Internationalaims to support 5,000 SMEs to expandinternationally. From an internationalperspective new markets not only provideambitious SMEs opportunity for furthergrowth, but a global spread can also

protect against the economic cycles ofindividual countries that they areoperating within.

Santander runs trade missions wherecompanies looking to move into newmarkets can meet potential suppliers andpartners. Over the past 18 monthsSantander has run trade missions to theUS, Mexico, Brazil and the UAE.

In addition, we have the SantanderTrade Portal, which allows a companywanting to trade overseas to have anunderstanding of who they need tocontact, how they can connect with thesenew customers and where theopportunities are. This is done throughproviding guides on local culture,currencies, duties and tariffs. It tellswould-be exporters who is importingtheir products and provides with namesand contact number details.

Santander has a Trade Club which is anonline community of Santandercustomers, and links companies in theUK with companies overseas who arelooking to do business together within theSantander global network. So potentiallya UK company could connect with fivemillion SMEs and corporates around theworld.

Through the Trade Club we have runaccreditation with International Chamberof Commerce that offers any registeredcompany the opportunity to undertake a

40 hours of international trade trainingfor two of its employees.

In addition we run virtual tradingmissions where people can learn moreabout the trading environment in aparticular country. In conjunction withthis Santander operates a personalisedpassport service designed for companieswith subsidiaries where Santander has apresence and customers withinternational activity or large growthpotential. This allows them access to alocal relationship director who speaks thelanguage, can set up accounts, makeconnections with third parties andfacilitate an agile response to creditrequests taking in to consideration theclients relationship with the wider group.

This is underpinned by Santander’sInternational Desk which has experts whounderstand local markets and are able toprovide insight on regulation and thelegal aspects of operating in a particularcountry.

As a Bank we aim to take away theexport fear factor by bringing localcompanies together and so present waysin which businesses can grow and exploitopportunities beyond local markets.

All of which allows companies whichhave only operated in a local economy tobe able to take their product abroad in theknowledge that Santander will supportthem.

3EXPORT NORTHERNIRELAND

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4 EXPORT NORTHERNIRELAND

MAKINGEXPORTS HAPPENAworld of opportunity awaits and

overseas trade holds the key togrowth for many firms in Northern

Ireland as they look to take advantage ofa recovering global economy.

Export activity must be financedhowever, which can prove challenging forcompanies of all sizes. So when you findthat overseas buyers need your expertise,you may need ours.

For a growing number of businesses inNorthern Ireland, help is provided by UKExport Finance (UKEF), a governmentdepartment and the UK’s export creditagency.

Our products are designed to tackle themost common financial barriers toexporting relating to access to workingcapital, risk of non-payment andavailability of funding for overseasbuyers.

We work to bridge gaps in the market,helping companies of all sizes to accessfinance and export-related risk insuranceby complementing – not competing with– what is on offer from the banks andcredit insurance brokers.

Succes StoriesWe have supported a variety of

Northern Ireland-based exporters inrecent years, some of which are featuredin this publication.

CIGA Healthcare, based inBallymena, make rapid self-diagnostickits. They were able to use our exportinsurance policy to protect their businesswhen they won a large new contract inSouth Africa and were unable to securethe right cover from a commercialinsurer.

Environmental MarketingSolutions, who design and manufacturerecycling equipment, benefited from ourbond support scheme and advisoryservice for exports to the Middle East.

McAdam Design has a commitmentfor insurance cover for a project inGhana. And Unicorn Mouldings isnow selling its floor tiles in UAE with oursupport.

Over the past five years, we haveprovided a total of £17 billion worth ofsupport for exports across the UK as awhole, helping more than 300 customersdirectly, with many thousands morebenefiting through export supply chains.

Our SupportTypes of support that we can offer

include Government guarantees to banksproviding exporters with bonding linesfor advance payment, performance andother bonds, as well as letter of credit andexport working capital facilities.

The Government’s export schemes helprelease working capital to exporters, so thatthey can take on and complete individualexport contracts. We can also provideinsurance against non-payment of sumsdue or a bond being unfairly called.

On the buyer side, UKEF can offerguarantees to banks providing loans orfinance to overseas buyers of UK exports.Through our Direct Lending Facility, wecan also provide loans to overseas buyersdirectly.

UKEF is also exploring ways to use arange of new powers to help exporters,working with the British Business Bank toreview the export finance challengesfacing SMEs.

The new powers allow us to supportexporters with guarantees of generalfacilities, not just those relating tospecific export contracts.

We will also be able to support exportsof “intangibles” such as intellectualproperty rights, software licences andbroadcasting rights and an importantdevelopment is the ability to supportsuppliers and sub-contractors for exportorders.

Our role is to support exporters in theincreasingly complex and challenging

conditions of modern global tradefinance.

We aim to respond to changing marketconditions, and we will work withexporters in Northern Ireland to ensurethey have the export finance andinsurance they need.

Elizabeth McCroryExport Finance AdvisorNorthern Ireland+44 (0)7435 323 [email protected]

Elizabeth McCrory, Export FinanceAdvisor, Northern Ireland

Case study: CIGA Healthcare

CONFIDENCE TO GROWAn export insurance policy from UK Export Finance gave a Northern Ireland-based healthcompany the confidence to forge ahead with its first sales to South Africa.

CIGA Healthcare – based in Ballymena– was founded in 2005. It is a family-runhealthcare products firm making rapidself-diagnostic kits for pregnancy,cholesterol, diabetes, temperature andheart monitoring.

Exports have been central to thecompany’s success and expansion.

It employs more than 20 staff and sellsto more than 70 countries worldwide,leading developments in the over-the-counter, professional and veterinarymarkets.

In 2014 the company negotiated theopportunity to sign a major new contractin South Africa covering the entire spanof its medical diagnostic equipment.

As this was a new and unknown marketto the firm, however, it raised elements ofuncertainty.

“The contract was worth aroundUS$47,000, which was large enough tomake us take a second look at thepayment risks,” says Neill Armstrong,Director, CIGA Healthcare. “We usuallyask for 100 per cent pre-payment, but wehad to make an exception in this case, tobe competitive.”

Bridging the gapThe firm then looked for insurance to

lessen the risk, but could not findappropriate commercial cover.

“We looked at private market cover butit was not the right fit for us in areas suchas the trend to tie in clients to all of theirturnover,” Neill says.

“So we turned to UK Export Finance(UKEF), with whom we had workedpreviously on other contracts.”

The UKEF Export Insurance Policy(EXIP) insures a company against the riskof not being paid under an export contract,due to buyer default or political risks.

To be eligible for cover, the exportermust be carrying on business in the UKand must demonstrate the commercialmarket was unable to offer them suitablecredit insurance – as was the case here,with CIGA Healthcare.

Once in place, the UKEF insurance policyenabled CIGA Healthcare to extend creditterms to the buyer, securing the business.

The company was then able tomanufacture and ship its products toSouth Africa with the confidence that itwould be paid.

New storyFollowing successful completion of the

work, the firm has also won new businessin South Africa. “We secured another bigcontract afterwards, which has opened awhole new story for CIGA Healthcare,”says Neill.

He anticipates that EXIP cover is set tofigure again in the company’s overseasexpansion, this time in the Americas. “Weare looking at UKEF single risk coveragain, this time for a sale to Guatemala.”

“UKEF are there to help, and for theSouth Africa contract they were there atthe right time in our contractnegotiations, which was critical for us.”


“UKEF are there to help, and for the South Africa contractthey were there at the right time in our contract negotiations, which was critical for us.”Neill Armstrong, Director, CIGA Healthcare

“We reduce the financialrisks of exporting, where theprivate market is unable tohelp. Our export insurancepolicy protects exportersagainst non-payment andpolitical risk, allowing UKfirms to trade withconfidence in new overseasmarkets.”Elizabeth McCrory, EFA

EXPORT NORTHERNIRELAND 7Case study: EMS

HELP IN A COMPLEX MARKETWhen Northern Ireland-based waste recycling equipment exporter EMS won its first Israelicontract, UK Export Finance was able to offer impartial guidance to facilitate bank finance.

Northern Ireland-basedEnvironmental MarketingSolutions (EMS) was founded in

2006 to design and manufacturerecycling equipment used to recovervaluable products which would otherwisego to landfill.

Since then, the firm has expanded itsbusiness from County Tyrone across theUK and overseas, including to Ireland,other European nations, Africa, and theMiddle East.

In the past, the company had made useof the Bond Support Scheme from UKExport Finance (UKEF), the UK’s exportcredit agency, to support the issuing ofbonds by the firm’s bank to facilitateexports to Dubai.

International supportHowever, when in 2014 the company

won its first contract to export equipmentto Israel, UKEF was able to help in adifferent way: by providing informationand advice to help it access finance fromthe private sector, without direct UKEFintervention.

Once the contract was agreed, the firstpoint of call for EMS Managing DirectorHarry McCourt was Elizabeth McCrory,UKEF Export Finance Adviser (EFA) for

Northern Ireland and one of UKEF’snational network of 24 EFAs.

The contract was worth US$312,000 andafter talking to Elizabeth, EMS requested aletter of credit (LC) from the buyer’s bankto reduce the risk of non-payment.

“When the Israeli contract was agreed Icontacted Elizabeth for advice andforwarded her the draft LC,” says Harry.

“Elizabeth highlighted a number of risksto consider in the wording, and after aperiod of negotiation, the newly-worded LCreceived approval from the buyer’s bank.”

Here to helpThe case is an example of how UKEF is

able to offer impartial guidance toexporters about trade finance options.Often, EFAs are able to help an exporterobtain all the trade finance and insuranceit needs from the private market, bysignposting and explaining opportunities– this could be described as a “PrivateMarket Assist”.

Where suitable private market optionsare not available, they can also explainhow UK Export Finance products andservices can help bridge the gap, andwork with an exporter to prepare anapplication for whichever products orservices they need.

Bright futureThe Israeli contract was significant for

EMS as it looks to reach new markets,says Harry McCourt.

“This contract is the first for EMS to theIsraeli market and we anticipate when theequipment is delivered and in operation itwill result in future business,” he says.“This would not have been possible withoutUKEF support in helping us access whatwe needed on the private market.”

“This contract is the first for EMS and we anticipate it will result in future business. Thiswould not have been possible without UKEF support in helping us access what we neededon the private market.” Harry McCourt, Managing Director, EMS

“Some exporters may notrealise UKEF can provideadvice or informationalongside our own financialor insurance products.Across all our work, we arefocused on helpingcompanies make the rightchoices and helping to makeexports happen, in any waywe can.”Elizabeth McCrory, EFA


BORN GLOBAL: RISE OF MULTINATIONAL SMEBy Colin McCullagh, Director, Trade services, OCO Global

Exporters are born, not made. Thatis today’s reality. The internet hasbroken down borders and bred

entrepreneurs. Products have beenoutshone by services.

Distribution means downloads as muchas it does DHL. Social media fuels ideas,forges networks, globalizes trends.Today’s SME is born to think global, notlocal. The world is their oyster. Easy,right?

Wrong. The changing landscape bringschallenges as much as it doesopportunity. Challenges that must beovercome by the entrepreneur andaddressed by Economic Developmentorganisations like Invest NI to driveexport growth. Throw out the manual, thegame has changed. Today’s conundrumlooks like this:

• More SMEs, more export markets,more aggressive targets achieved withless experienced exporters, lessresources and less time• Less physical barriers tointernationalization but moreintangible barriers including regulation,culture, language and time zones• More global competition means

greater choice and less margin whichmeans that companies and Economicdevelopment organizations cannotcontinue to play it safe in their backyardbut rather take on the challenge of new‘enemies’ in new territories.

So what’s the answer?• Companies must have a clearinternational growth strategy. Theymust prioritize markets and marketentry strategies• They must think global, but act local;they must define, build andcommunicate their unique competitivedifferentiationThe world may have gotten smaller but

not less complex. Each country still hasits unique challenges and succeeding inbusiness necessitates understanding andadapting to these nuances.

OCO’s team of trade specialists havehelped hundreds of companies fromacross the UK and Ireland to expandsuccessfully to Europe, the US, Asia andLatin America and have seen at first handthe positive benefits ofinternationalization for businesses whichextend far beyond the revenue gain.

OCO Global is a leading specialistprovider of Trade and Investmentservices including advisory services,corporate intelligence for FDI and export,trade mission support, lead generation,trends analysis and software solutions tosupport pipeline development.

Headquartered in Belfast, OCO hasoffices in leading markets globallyincluding UK, Germany, France, Japanand the US. OCO’s clients include leadingnational, state and regional economicdevelopment organizations such as InvestNI, UKTI and Enterprise Ireland as wellas private companies seeking to enternew markets or grow their domestic base.

We provide services from marketresearch to company representationacross four continents in 14 countries onbehalf of economic developmentorganizations as well as direct tocompanies.

For further information on OCO’sGlobal Trade Hub, [email protected]

OCO - Exporting made easy.www.ocoglobal.com

PROVIDING NORTHERN IRELANDFIRMS WITH OPTIONS FORGROWING ABROADSimon Huntley and Andrew Fraser from Santander Corporate & Commercial talk to us aboutthe support available to Northern Ireland businesses looking to take the first step towardstrading internationally

The commercial rewards thatbusinesses can reap bysuccessfully taking their products

and services beyond their domesticborders may be obvious, but thechallenges they faced when seeking outinternational partners can seem morechallenging.

In today’s market, around two thirds ofUK businesses are deterred from findingbusiness partners abroad, typically due tofear of the unknown. But globalexpansion has never been easy.

After all, if a business owner overcomesthe initial challenge of pinpointing theregions they should be moving into, thereare a plethora of other factors to address:who should they approach and how canthey approach them? What red tape andregulations are in their way and even ifthey get this far, how do they make itwork longer term?

Simon Huntley, International Directorfor Northern Ireland at SantanderCorporate & Commercial, says: “One ofthe biggest blocks to tradinginternationally is a lack of understanding

about how it is done and where theopportunities lie.

“Luckily there are many cost-effective andefficient ways to overcome this initial fear.”

Santander has developed a strategy andis offering to support every UK SMElooking to expand abroad. Huntley says:“Great businesses always have thepotential to stretch far beyond theirdomestic market, but expanding overseascan understandably appear to be aminefield.

“Businesses need to work out whichcountries they should be focusing on andwhich partners. They want to know howdo they connect with them and ultimatelyhow do they execute a deal and growfurther?”

But the every-increasing regulatoryregions across the world, in such areas ascompliance, can have a significant impacton businesses.

Factors such as transactional duediligence have risen markedly over recentyears, resulting in a rigorous and oftentime-consuming process.

However, Santander’s support for UK

companies helps business leaders with allthe options and information they need tomake this leap of faith to the next level.

Santandertrade.com is a one-stopportal which is available to all SantanderCorporate and Commercial onlinebanking customers.

It provides them with all theinformation they need when looking toexpand internationally; ranging fromwhere the opportunity is; who to contactand how to connect.

It also contains guides for internationaltrade producers, such as local laws andcultures, as well as calculators to helpwith charges taxes and duties.

“If a business is looking to export toChina, it will provide a business withvaluable information it needs, includingregulation costs, customs duty and, ofcourse, who they could be potentiallydoing business with,” says Huntley.

With this service, businesses canidentify the regions and countries wherethere is a demand for their products.

It also provides specific potential clientand supplier details and guidance on whoto connect with them, how to complete asecure transaction and, finally, how togrow their presence in their chosenoverseas market.

Andrew Fraser, Santander BusinessDevelopment Director for NorthernIreland adds:” Using Santander’s TradePortal, businesses can quickly locatewhere the best international clients andtrading partners are for their business.

“The platform is constantly updatedand business can discover the topimporters of the products they produce,as well as the fastest-growing markets.”

Most important, it also allows clients otaccess a contact list including the names,addresses and phone numbers of the keyimporters of their products in keyterritories. In addition this, the servicealso contains specifics for any upcominginternational trade fairs relevant to users’markets, allowing businesses to contact


Santander Breakthrough workshop, Belfast


potential clients then follow-up at tradeshows and exhibitions.

Beyond the portal itself, clients can alsorely on the support of the SantanderGroup via its global network of 12,951branches – more than any otherinternational bank in the world.

The business is also actively expandingits network of alliance partners, with keyUK trade corridors across the world.

In the United Arab Emirates, forexample, Santander is working with AbuDhabi Commercial Bank, the Corporateand SME banking expert of the region.

“Such associations allow us to facilitatetrading transactions: help our clientsconnect through a joint trade missionand provide a wealth of local expertise,”says Huntley.

But the service is not just aboutexporting, it is about importing too, and

through the Santander Trade Club, thebank will be connecting Santanderbusiness clients, too.

As a major local player in 12 mainmarkets, including Latin America, Spainand Poland, Santander will put together acommunity of businesses from across itsmarkets to share their knowledge andexpertise of entering new markets viavirtual trade missions.

“In each of our key markets, we have aninternational desk coupled with localexpertise,” says Walters.

“We have built at team with internationalexpertise that supports their sectorsspecialising in trade and supply chainfinance, international payments and FX”

John Carroll is head of InternationalBusiness at Santander Corporate &Commercial in the UK and his aim isclear. “With Santander’s global footprint,

our ambition is to support clients who arelooking for reassurance that they will bepaid for their goods exported on time, tohelping companies set up businesses inour specialist areas of Latin America andCentral America, but also in our core UKtrade corridors where we have alliances.

“Our goal is simple. We want to workclosely with our clients to understandwhat their needs are, We’re excited atSanatander to be able to provide UKbusiness leaders with all the options andassistance they need to facilitate theirinternational expansion.”

For more information on howSantander can help with yourinternational expansions, visitsantandercb.co.uk or [email protected]

Andrew Fraser, Santander BusinessDevelopment Director for [email protected]

John Carroll, head of InternationalBusiness Santander Corporate &Commercial

Simon Huntley, International Director forNorthern Ireland at Santander Corporate& [email protected]

Our goal is simple. We want to work closely with our clients to understand what their needs are, We’re excited at Sanatander tobe able to provide NI business leaders with all the options andassistance they need to facilitate their international expansion. John Carroll, head of International Business at Santander Corporate & Commercial

“”

CASE STUDY

ENVIRONMENTAL STREETFURNITURE CHARGES AHEADWITH NEW EXPORT DEALSEnvironmental Street Furniture

(ESF), the Newtownabbeybased supplier of street

furniture and solar products, hasrecently secured two contracts tosupply its products overseas withInvest Northern Ireland support.

ESF designs, sources and exports aninnovative selection of exterior streetfurniture products and integratedsolar solution and technology basedsolutions. The products are promotedthrough four distinct collections:Signature, Simplicity, Sustainable andStreetwise.

Street Charge is a part of theSignature collection and is an excitingsolar powered, outdoor, public mobilephone charging station, originallydesigned in the USA and nowavailable in the UK, Europe and theMiddle East.

The first contract secured by ESF isto supply McDonalds Fast Foodrestaurants in Italy with its StreetCharging units. The initial contract isworth over £20,000.

Following an Invest NI TradeMission to the United Arab Emiratesin 2015, the company has also securedan order to supply the Street ChargeSystem to a new customer in AbuDhabi. The contract is also estimatedto be worth £20,000.

Invest NI’s Executive Director ofInternational Business, Bill Scottannounced the new export deals:“Historically, we have supportedEnvironmental Street Furniture’sgrowth plans including assistancewith recruiting additional staff,implementing its marketing strategy,and working with it to providegraduates with excellent developmentopportunities through the ExportSales & Marketing Academy. We havealso arranged export focussed marketvisits in France, Germany and theUnited Arab Emirates.

“Significantly, both of these newdeals were secured after the companyparticipated on Invest NI TradeMissions which shows the value that

Northern Ireland businesses can takefrom trade missions and fromworking with us.

“I would also like to congratulate thecompany on winning the InnovativeSustainable Green Product of the YearAward for its Street Charge system inthe Northern Ireland ElectricalAwards 2015, and best start upbusiness in the Ulster Bank 2015business awards.”

Alan Lowry, CEO and ManagingDirector of ESF said: “The StreetCharge product is a revolutionaryproduct with a very simple concept. Ituses the sun’s rays to charge internalbatteries which in turn allows thepublic to charge all makes of mobilephones or tablets at the same speed asa wall socket.

“With the support of Invest NI wesecured our first business inAzerbaijan earlier this year for theBaku European games, which gave usthe skills and confidence to pursuefurther deals in new markets.

“We negotiated this new deal withMcDonald's in Italy to supply andinstall two Street Charge units intoMcDonald's in Rho, Milan for the ExpoMilano 2015. We also participated in anInvest NI trade mission earlier this yearto the United Arab Emirates whichgave us the opportunity to build arelationship with a new trading partnerand make connections which have beeninstrumental in the recent growth ofour business. This allowed us to securean order to supply our Street Chargesystem to a company in Abu Dhabi.

“In order to develop and grow ourbusiness, we are currently developinga new more interactive product lineusing solar power for public outdoortechnology hubs and illuminated litterbins. We are also reinvesting all ourprofits back into overseas promotionsand are delighted that our productsare now reaching a global audience.Hopefully the relationships we havebuilt will help us to secure furtherorders in Europe and beyond.”www.investni.com


ESF Street Charge System, Yas Island, Abu Dhabi


CASE STUDY

INVEST NORTHERN IRELANDHELPS CREDIT MANAGEMENTCOMPANY SECURE ITS FIRSTDUBAI DEAL

DRA Credit Management Limited,based in Banbridge, won its firstmajor contract in the United

Arab Emirates with assistance fromInvest Northern Ireland. The deal,estimated to be worth c.£600,000 overthe next three years, was secured withone of Dubai’s major banks.

The company provides bespoke creditcontrol and debt recovery operations forcompanies. Invest NI offered thecompany £37,000 of support towards thecreation of five new jobs and thedevelopment of a new website.

Bill Scott, Invest NI’s ExecutiveDirector of International Business said:“Strong export sales are essential forgrowth, both for individual companiesand for the economy as a whole, and it isimmensely encouraging to see a smallNorthern Ireland company doing so wellin an overseas market.

“DRA undertook extensive marketresearch to pinpoint the right

organisations in the UAE market for itsservices and is an excellent example of acompany that has been prepared tocommit the time and resources to exploreopportunities overseas.

“This deal will help to sustain itsbusiness into the future and Invest NIwill continue to support the company as itworks to add value to its business andexplore new export opportunities” sheadded.

Invest NI provided the company with arange of support including support tofurther develop its systems which willallow it to better manage both its clientsand its debt recovery process much moreefficiently.

John Crothers, DRA CreditManagement’s Managing Director said:“Working with Invest NI provided us withthe confidence and support we needed toenhance our export offering and breakinto this new market.

“The range of advice we have received,

in terms of exploiting new opportunitiesand market awareness, has allowed us tocompete more effectively against ourcompetitors and helped us to secure thisvital deal.

“We look forward to working withInvest NI in the future to generate furtherbusiness in key export markets, which wesee as being fundamental to our longerterm growth.”

www.investni.com


CASE STUDY

INVESTING FOR GROWTHNorthern Ireland based waste

recycling equipment exporter,Environmental Marketing

Solutions Ltd (EMS), was founded in2006 to design and manufacturerecycling equipment used to recovervaluable waste by-products which wouldotherwise go to landfill.

Since then, the firm has expanded itsbusiness from County Tyrone across theUK and overseas, including to Ireland,other European nations, Africa, and theMiddle East.

Having won their first Israeli contract,EMS needed the support of a bank inorder to issue a guarantee against itscustomer’s advanced payment uponcontract sign-off.

The main difficulty faced by EMS wasone of cash-flow. This was a sizeableproject which required significantworking capital investment that wouldordinarily require traditional banksecurity.

Santander, in partnership with UKExport Finance, was able to assist infunding this project without relyingwholly on traditional security.

Santander was able to provide facilitiesto EMS that allowed it to issue anAdvanced Payment Guarantee for the fullamount of the up-front payment withoutthe need for EMS to fully cover theGuarantee.

In addition and critically for thisproject, the funding package includedworking capital during the “build” cycle.

By seeking approval from UK ExportFinance’s Bond and Guarantee SupportScheme and its Export Working CapitalScheme, Santander was able to achieve80 per cent support for the project.

Harry McCourt, EMS ManagingDirector commented, “Without thesupport offered by Santander who werewilling and able to work with ourselvesand UK Export Finance, we wouldn’thave been able to take on this contract.This in turn would have meant that wewouldn’t now be in the position toprovide this customer with additional

lines and the increased revenue that thisgenerates.”

Jamie Foulkes, Relationship Director atSantander Corporate and Commercialstated, “As a business we were keen tosupport Harry, who is a global doyen inthis market. By understanding thebusiness needs of EMS, we were able todeliver an innovative solution that itsexisting bank wasn’t able to offer.”

Simon Huntley, International Directorat Santander Corporate and CommercialBank added, “Working with UK ExportFinance enables Santander to assistNorthern Ireland exporters in a way thatmany other banks can’t.

“This has allowed us to not only winover EMS as a valued customer, but alsoensures Santander’s contribution toincreasing UK exports through supportfor businesses like EMS.”

Santander Corporate and Commercialprovide innovative cash flow solutions forbusinesses that export.

Santander Corporate & Commercial is a brand name of Santander UK plc, Abbey National Treasury Services plc (which also uses the brand name Santander Global Banking and Markets) andSantander Asset Finance plc, all (with the exception of Santander Asset Finance plc) authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and thePrudential Regulation Authority. Our Financial Services Register numbers are 106054 and 146003 respectively. You can check this on the Financial Services Register by visiting the FCA’s websitewww.fca.org.uk/register or by contacting the FCA on 0800 111 6768. Credit cards are provided by Santander UK plc. In Jersey, Santander UK plc is regulated by the Jersey Financial ServicesCommission to carry on deposit-taking business under the Banking Business (Jersey) Law 1991. Registered office: 2 Triton Square, Regent’s Place, London NW1 3AN. Company numbers: 2294747,2338548 and 1533123 respectively. Registered in England. Santander and the flame logo are registered trademarks.

Santander UK plc is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount ofcompensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website (www.gov.je/dcs) or on request.

Simple Personal FairWhat a bank should be


KNOW YOUR BUSINESS; GROW YOUR BUSINESS

Once your business is established,and you are making a profit onthe products and services you

are offering to your customers, it’s nevertoo soon to start thinking about the futureand how your business can begin toexpand.

In the rapidly changing face of theworld today, business owners must beinnovative and proactive in developingtheir business, making sure their offeringmeets their customer needs whilst takinginitiatives to maximise newopportunities.

Whilst a core direction for growth isincreasing sales, it is also important tounderstand how to sustain and ultimatelyimprove profitability.

As well as increasing the volume ofsales to your current customers andearning new customers, other areas that

you can focus on for growth include: Improvement of existing products and

services Development of new products and

services Improving systems and processes Increasing employee numbers and

up-skilling existing employeesSeeking funding for investment Looking at alternative channels and

markets to sell your product and service

Our experienced team can help you toevaluate your business, looking at thestrengths, weaknesses, opportunities andthreats. Using our business health checkmodel we can work with you to examine allareas of your business, present our findingsand work with you and your team toimplement our recommendations.

Sean Cavanagh, Des Kelly, Gerard Gildernew, Partners, CavanaghKellyCavanaghKelly is one of NorthernIreland's leading Professional AdvisoryFirms.

With a heritage dating back 25 years,we have developed a strong reputationand track record for our work inAdvisory, Accounts & Audit and Tax.

From our offices in Dungannon,Belfast, Enniskillen and Omagh, weadvise a large number of clients acrossa range of sectors throughoutNorthern Ireland and beyond.

For more information, contact: Gerard Gildernew, Partner, Advisory,[email protected]


ACCESS TO FINANCE

When considering the financeoptions available for yourbusiness it’s important to ask

yourself the following questions: How much finance support do you

need? How long do you need it for? Do you have a business plan in place?

A business plan is essential. It shouldbe concise and to the point and needs toclearly demonstrate: An understanding of milestones

and break points A clear definition of the project being

prepared The project costs and risks A working finance model

There are currently a number of routesavailable when it comes to accessingfinance:

Bank & Finance remains the primarysource of funding followed closely byeconomic development and financialassistance programmes from governmentorganisations and local and districtcouncil areas.

There are a number of privateinvestment routes such as private equity

investment, business angels and venturecapital. These are gaining moreprominence in the Northern Irelandmarket and there are a number of optionsnow available.

Profit retention and loss relief can alsopresent an option for companies to getcash injection back into the business.There are often core qualifying criteria interms of eligibility, however our team canwork with you to assess what areas ofprofit retention or loss relief schemes youmay be eligible for.

For further information, contact :Dermot McGale, Head of Corporate [email protected]

RESEARCH AND DEVELOPMENT(R&D) TAX RELIEFSR&D TAX RELIEFS ARE DESIGNED TO LEAD TO GREATER INVESTMENT AND INNOVATION IN THEECONOMY. AS SUCH R&D HAS BECOME A MAJOR BUZZ PHRASE THROUGHOUT NORTHERN IRELAND.

There are very generous tax reliefsavailable for R&D expenditure.However, our experience has

shown that many companies are unawarethat they are eligible and therefore arenot claiming their full tax reliefs.

R&D expenditure can be dividedinto two typesProduct Development: where yourcompany has invested time and materialsinto the development of a new orsignificantly improved product. This canrange from a food producer adapting arecipe so it has a longer shelf life or adistributor improving its packaging tomake it stronger and reduce damage tothe product during transportation,allowing higher quantities to bedistributed in bulk.

Process Development: where yourcompany has developed a new orimproved approach to how you carry outyour operations, or represents a solutionto a problem which you previously couldnot overcome. For example, amanufacturer changing their processes toincrease efficiencies and reducedowntime.

From experience, process developmentexpenditure is more often than not wherea company has demonstrated theinnovation but is not aware of it, doesn’tmake the claim and therefore loses out onthe relief.

It is important that as you develop andgrow your business, you recognise theareas that may be eligible for additionaltax relief. Getting back investmentthrough tax reliefs can bring a welcome

cash injection.The important thing to remember is

that it doesn’t have to be somethingrevolutionary – if you are making sometype of development that is makingsomething better, faster, cheaper, moreefficient then your project may qualify.

Talk to our team for a free initialconsultation and we can work with you tosee if you are eligible to make a successfulclaim.


For further information, contact :Leona Leonard, Head of Tax Planning,[email protected]

Regardless of client size and thesector you operate in, our focus isthe same – we want to know you

and your business. We will work with youto understand your specific businessneeds and tailor our offering, allowing usto deliver an honest and valuable servicethat will help your business to thrive.

We actively support and encourage ourclients to grow and develop theirbusiness. There are a wide range ofsources of funding such as crowd funding,venture capital support. We have adedicated team with knowledge of thefunding opportunities both local andexport and can work with you to identifythose sources you may be eligible for andhow you can access them. Our team canhelp you to identify the sources offunding available to help your businessgrow, develop new products and services,explore new markets and improveperformance.

We have worked with clients from awide range of sectors to identify andsecure funding, raising substantial newfunding for the last 18 months forbusinesses across a range of sectorsincluding but not limited to: Agri-food Manufacturing & Engineering Start-ups

Identifying and choosing the rightsource of funding can at times bedaunting and a tricky process. Theapplication process can be long with ahigh investment of time and resources toconvince the awarding body that you arethe worthy recipient and ultimatelysecure the funding.

Our team at Cavanagh Kelly canhelp you through this process.

Regardless of the type of funding thatyou are applying for, when preparing andsubmitting an application there are keyfactors to take into consideration:

4 Ensure your application meets thegoals and requirements of the fundingorganisation. It is important whensubmitting an application that youclearly state why you are seekingfunding and how it meets the objectivesof the funding organisation.4Ensure that the objectives of yourproposal are realistic and feasible.4Make sure your application is clear,easy to read and understood by all, with

any technical language used only whennecessary and clearly explained.4 If something is not clear, seek furtheradvice. If you have questions or queriesit is always better to contact theorganisers and discuss your project.This can ultimately save a lot of timeand effort, particularly if you fail tomeet the specified requirements, asapplying will be time wasted.4Take time to read and fullyunderstand the finance product beingoffered and consider its suitability foryour business.4Consider your long term plan for youand your business.

Ultimately there is no one size fits all inmaking an application for funding but bykeeping a few aspects in mind may helpto increase your chances of success:4Clearly demonstrate the need for yourproject or business proposition4Clearly demonstrate that your project or business proposition is well planned4Ensure that your project or businessproposition has been accurately costed4Demonstrate good management skills4 Clearly demonstrate your purposeand how your project or businessproposition is going to make adifference.

If you are considering seeking fundingand would like to know more about theoptions available and making theapplication, our team can help.


SECURING FUNDING

For further information, contact :Michael Drumm, Head ofBusiness Advisory,[email protected]

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