There’s a common belief that manufacturing is persistently weak in the UK. In fact, the UK is the 11th largest manufacturing nation in the world. The Manufacturer magazine points out that while manufacturing’s contribution to GDP has declined over time, UK manufacturing still;
- provides 15% of business investment
- accounts for 44% of total exports.
Jonathan Barnes, Relationship Director at Santander, explains, “There is a growing optimism in UK manufacturing with output growing faster and an increasing number of companies wanting to expand into markets overseas”.
“There may well be light at the end of the tunnel”, Jonathan continues. “While manufacturing and trade aren’t the most vibrant sectors, they are where perhaps we can help most as they grow”.
Santander is currently providing the kind of bedrock financial support for manufacturing businesses that will give them the breathing space to increase their international trading. These business financial solutions include invoice finance – factoring on behalf of companies – and providing other working capital in the form of overdrafts.
Commercial mortgages are also provided by Santander, encouraging businesses that currently rent to buy premises, if it fits in with their long-term business strategy.
“We also encourage firms to take advantage of low interest rates by taking asset finance for new machinery or vehicles”, Jonathan points out. “This can all help enormously when it comes to trading internationally”.
Another area of interest is in digital and mobile developments. Santander can offer the means for its business clients to deliver loyalty promotions direct to their customers through cloud-based technology.
“We understand how digital innovation and development can work alongside more traditional financial support to help companies increase their sales”, concludes Jonathan. “The most important thing is for us to be able to offer a whole range of financial solutions and innovations, so that when companies are expanding into exports, they know they can rely on our support”.
To find out more about Jonathan Barnes, please read his LinkedIn profile.