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A guarantee from UK Export Finance has allowed small business Slime Party UK to access a financing package from Newable.
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The toy manufacturer has already used the financing to open a new site in Barnsley and plans to increase its headcount later this year.
A small business from Barnsley which makes toy slime has secured government-backed financing for a new factory, new staff and new product lines. Specialist lender Newable Commerce issued the funding with the support of UK Export Finance, the government guarantor.
Slime Party UK produces a mess-free variety of sensory putty. With humble beginnings in the kitchen of its founder Ruby Sheldon, the business now supplies to some of the largest toy retailers in the world.
Since securing the finance, the business has opened a new 15,000 square foot factory in Barnsley and is now looking to take on 50% more staff. The business will also use the financing to meet continued high demand from its export markets in Europe and the Middle East - notably in Lebanon, Malta and Ireland.
New financing will also help Slime Party UK as it looks to widen its product range with new lines including a 'sensory squish-ball' and collectables.
In 2023, Slime Party UK struggled to grow its export business as a £150,000 turnover disqualified it from traditional trade finance packages. It approached UKEF, which introduced the business to Newable Commerce, a non-bank lender specialised in supporting SMEs. Backed by a guarantee from UKEF's General Export Facility (GEF) financing scheme, Newable Commerce was then able to issue a £55,000 facility to Slime Party UK.
UKEF also referred the company to Dynamic Funding Limited, a broker which was able to help the business access additional private financing.
Thanks in part to this partnership between UKEF and specialist SME lender, Newable Commerce, Slime Party's turnover has now grown significantly as the business eyes up new markets around the world and new job opportunities in South Yorkshire.
Under its new Business Plan for 2024-29, UKEF aims to support 1,000 SMEs a year by the end of the decade and help women-owned businesses access export financing more easily.
Ruby Sheldon, Founder of Slime Party UK, said:
I have seen huge growth in our business over the past year and sky-high demand for our slime from around the world. However, as a micro-enterprise, we don't always find access to credit straightforward. This support from UKEF and Newable Commerce solves one of the biggest obstacles which we have faced as a growing business.
Manuel Fantin , UKEF Export Finance Manager for South Yorkshire, said:
Many exporters know from experience that it can be hard to find the right financing. The smaller the business, the bigger the challenge - and this is true even for businesses which have a great idea and make great contributions to their community. Slime Party's success shows that UKEF is taking steps to unlock the right support for businesses at all stages of growth.
Karen Greenwood, Head of Underwriting at Newable Commerce, added:
We are delighted to provide this new financing package for Slime Party UK in partnership with UKEF. Supporting the Group's wider strategy to support exporting SMEs through our specially designed UKEF finance solutions, allows us to provide bespoke funding packages that fit alongside the unique cashflows of a business, like Slime Party UK. The funding will help them continue on their growth trajectory, and we look forward to seeing the success that Ruby and her team will have in 2024 and beyond.
