A small business based in Barnsley, Slime Party UK, has successfully secured government-backed funding, enabling it to significantly expand its operations, create new jobs, and develop additional product lines.

This success story offers a valuable blueprint for other small businesses aiming to grow, particularly those looking to enter or expand into export markets.

Slime Party UK’s Journey: From Kitchen to Global Markets

Slime Party UK started as a modest kitchen project by its founder, Ruby Sheldon, creating a mess-free variety of sensory putty. The business quickly gained momentum and now supplies some of the largest toy retailers worldwide. However, despite its success, the company encountered considerable challenges in securing the necessary funding to continue its growth, particularly within export markets.

Overcoming Funding Challenges

With a £150,000 turnover, the company was too small to qualify for traditional trade finance packages, a common issue for micro-enterprises. Consequently, Slime Party UK reached out to UK Export Finance (UKEF), the UK government’s export credit agency.

UKEF connected the company with Newable Commerce, a specialist lender dedicated to supporting small and medium-sized enterprises (SMEs). Backed by UKEF’s General Export Facility (GEF) guarantee, Newable Commerce was able to provide a £55,000 funding package to Slime Party UK.

This financing has been instrumental in the company’s growth, enabling it to open a new 15,000-square-foot factory in Barnsley, increase its workforce by 50%, and broaden its product range.

The funding has also allowed Slime Party UK to meet the high demand from its export markets, particularly in Europe and the Middle East, including Lebanon, Malta, and Ireland.

Thanks to the financial backing and strategic support received, the business is now well-positioned to continue its expansion into new global markets.

Key Lessons for Other Small Businesses

There are several key takeaways for small businesses, especially those involved in exporting:

  1. Explore Government-Backed Funding: UKEF’s General Export Facility and other government-backed financing options can be a lifeline if you are struggling to secure traditional funding for your business. These resources are designed to support SMEs at various stages of growth, particularly those looking to expand internationally.
  2. Consider Partnering with Specialist Lenders: Collaborating with non-bank lenders, such as Newable Commerce, which specialise in supporting SMEs, can provide access to tailored financing solutions that align with your business’s unique cash flow needs and growth objectives.
  3. Leverage Networking Opportunities: UKEF not only provided financial support but also connected Slime Party UK with Dynamic Funding Limited, a broker that helped the business secure additional private financing. Building a network of financial and strategic partners can open doors to new opportunities and resources.
  4. Invest in Growth and Innovation: With the right financing in place, Slime Party UK was able to invest in new facilities, staff, and product development. For your business, securing funding is just the first step – investing wisely in areas that will drive growth and innovation is crucial.

If you’re a small business looking to follow in Slime Party UK’s footsteps, the message is clear: the right financial backing, coupled with strategic partnerships, can unlock significant growth opportunities and pave the way for success.

Why not give us a call and discover how we can help you evaluate the best finance options for your business to ensure its successful growth?

See: Yorkshire Toy Maker Grows with Government Backing