A government credit guarantee has allowed Teesside stainless steel alloy inventor and manufacturer, Paralloy, to secure up to £26m of a Santander UK bank guarantee facility to support the continued growth of its export business.
Announced on National Manufacturing Day, the guarantee from UK Export Finance (UKEF) – the government’s export credit agency – allows Santander UK to overwrite a previous facility and increase the amount of facility available to Paralloy from £17m to £26m. The previous facility enabled Paralloy to offer bonds on its contracts, assuring potential buyers that…
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