A new funding facility that makes it easier for businesses to import vital new machinery and equipment from overseas has been launched by Lloyds Bank Commercial Banking.

 Capital import finance has been designed with manufacturers in mind and allows businesses to buy critical assets from international suppliers using trade and asset finance.

 By spreading the cost of the asset over its anticipated lifetime, the funding allows firms to protect their cash flow and give them more control over their individual growth strategies.

 The end-to-end solution also protects importers from the risks of dealing with overseas traders by providing a letter of credit that guarantees payment only once the supplier has met its agreed obligations.

 The facility is specially designed for the importation of assets costing upwards of £100,000, and will help firms negotiate better terms and engage with a greater selection of suppliers to enable competitive procurement, whilst being safe in the knowledge that the asset finance funding is agreed and secured up front.

 Steve Everett, head of product and proposition for Lloyds Bank Global Transaction Banking, said: “We want capital import finance to be a one-stop solution for the importation and financing of the assets that businesses need to meet their growth ambitions.

 “Businesses need efficient and reliable financing frameworks to help them produce the high quality products the UK is known for and having a full working capital management strategy will support that.

 “Following the EU referendum, there is a large amount of uncertainty that businesses are facing and ultimately, capital import finance has been designed to help meet these demands while mitigating risks, and  help British businesses to prosper.”