A Gloucestershire speciality food business has expanded into new markets in South East Asia.
TruffleHunter, a Queen’s Award-winning company based in South Cerney, used government-backed export insurance to secure contracts worth £22,500 in Malaysia and the Philippines, where commercial insurance wouldn't offer cover for smaller value exports.
The gourmet company, which sells preserved truffles, infused olive oils and truffle crisps, secured the deals with help from º£½ÇÊÓƵ Export Finance's Small Export Builder (SEB) facility.
SEB allows businesses to start with a credit limit of up to £25,000 and build up to £100,000 in 50% increments, as they establish a positive trading history with their buyers.
TruffleHunter has delivered contracts worth £7,500 in Malaysia and £15,000 in the Philippines, with further orders lined up for Thailand as well as Ecuador and Mexico in the Americas.
Nigel Whitehouse, chief executive of TruffleHunter, said: "The Small Export Builder has been a game-changer for our business. The inability to secure commercial insurance for smaller value orders was a real barrier to access new markets for us like Malaysia and the Philippines.
“º£½ÇÊÓƵEF's support has given us the confidence to diversify our export base, enter new territories and build relationships with buyers we simply couldn't have worked with before."
Hugh Francis, export finance manager for Gloucestershire, said: "TruffleHunter's success demonstrates exactly why we launched the Small Export Builder, which is to to help smaller businesses access markets that commercial insurers won't cover.
"The beauty of this facility is that it grows with the business, allowing them to build confidence and trading relationships incrementally."
The SEB is part of º£½ÇÊÓƵEF's enhanced business support announced in the government's Trade Strategy, designed to make export protection more accessible to smaller businesses seeking financial security when trading internationally.
