Paralloy sees record exports with finance support

Steel alloy castings company, Paralloy, is to benefit from UK Export Finance’s new General Export Facility, creating more than 100 jobs to fulfill more export orders.

A £15 million funding package from Santander UK, supported by UK Export Finance (UKEF) is allowing Paralloy to fulfil the most exports in its 90-year history, with shipments to North America, the Middle East and Asia-Pacific.

The funding has an 80% guarantee from UKEF to support export-led growth. The guarantee is a UKEF General Export Facility (GEF), which is designed to help UK businesses easily access funding to cover the cost of international trade.

The company has recently opened two new sites in Teesside, and created 76 new jobs. It plans to hire a further 40 additional staff, including engineers, welders and fabricators this year.