Startle enters American market with government support
Startle is an established SME that uses integrated technology in retail stores to deliver tailored background music, enhancing the customer experience.
When the company secured a five-year, $4.5 million deal to supply its services to a US retail brand, Startle needed significant working capital to carry out the deal.
For a company of its size, such resources could have been better spent further growing the company, so Startle had to explore new ways of financing the project.
Gaining UK Export Finance support
They then turned to UK Export Finance (UKEF), who partnered with Startle’s bank, Santander, to support the company.
Through its Export Working Capital Scheme, UKEF guaranteed 80% of a £660,000 loan, meaning Startle could meet the conditions of its contract and deliver to the customer on time. The loan agreement and guarantee were structured to match payments with revenues from the customer, allowing Startle to manage cash flow more successfully.
“UKEF’s support and Santander’s professionalism have been vital to the successful delivery of this contract and in our continuing expansion into the American market,” said Adam Castleton Chief Executive Officer, Startle.
“This contract was a landmark moment for Startle and the financial support offered by UKEF and Santander has formed a key component of our growth. This is how banks and government should work together to support business.”
Get the Exporters’ Edge
Putting the right finance and insurance in place can give you the exporting edge, helping you to win contracts, fulfil orders and get paid.
For businesses unable to get the backing they need through the private market, UKEF can assist UK companies, helping ensure no viable export fails for lack finance or insurance support.
“UKEF finance can be invaluable for companies that demonstrate significant growth potential. Startle’s success has shown the company has significant scope for future expansion,” said Wedad Kurukgy, Export Finance Manager, UKEF. “I look forward to working with the company as they continue to build on this exciting potential and expand their overseas footprint.”