(bright music) - We're here at the offices of Premier Ship Models in Hertfordshire with Rashid Lalloo, CEO and founder, to talk about the support his business has received from UK Export Finance. UK Export Finance provides loans, insurance,

and guarantees to help businesses access international trading opportunities. Rashid, how did you get your start with Premier Ship Models? And tell us a bit more about what drew you to the world of shipbuilding? - Well, I wish I could say it was planned,

but in effect, I was working as an accountant and working very, very long hours. I decided that perhaps I should do something else, so I decided to take a break from work and go to Mauritius to have a break and find some inspiration.

When I was on the island, I saw quite a lot of tourists buying model ships, many tourists from the UK and Europe, taking them back home. - When did you realize that there was a larger audience for your ship models?

- I realized I was spending more, three times as much, going to a boat show than it would be to launch a website that would give me access to the world. That kind of opened up the world in terms of the size of the ship model market

because, all of a sudden, we were not just selling at the London Boat Show or Southampton Boat Show. We were selling to a global audience. We've gone from a B2C business to a majority B2B business, so a lot of our clients are now corporates.

- How did you learn about the support available through UK Export Finance? - So, UK Export Finance was introduced to Premier Ship Models many years ago by what was then, I think, called the Department for International Trade. And we still have, to this day, the same contact,

a person called Craig Green, who's our UK Export Finance manager. We've been very lucky to have the same person on board who knows us as a client for a long time and what we do, and, you know, what we need, what kind of clients we have.

So that's made the relationship and the conversations on subsequent deals very easy because they really already know us as a client. UKEF has contacts with hundreds of organizations, banks, and brokers, and so on. And that makes it easier for you to go to them,

and they will tell you who to work with. And I would say they're very, very responsive. I don't have to wait days. Usually, within 48 hours, I'm having a meeting with Craig and discussing the best way forward.

So if you have someone like UK Export Finance on board, it's much faster, and the whole thing can be put together, and you can focus on actually winning the job and delivering the job as opposed to worrying about finance.

- What type of support has UKEF provided your company? - Recently, we had a deal with a household-name company, and the support there was to try and find finance from alternative finance brokers. So it makes the whole deal a lot easier.

For us as an exporter, one of our biggest deals to date was a project in Oman. In order to do that project, we had to have recourse to UK Export Finance because they had to give guarantees to a bank

in order for the bank to provide guarantees to the client's bank for us to be able to win the deal. So there were back-to-back guarantees involved.  What do you think of UKEF's commitment

to helping ethnic minority-owned businesses? Why do you think this is important? From a Black and Asian business owners' perspective, there might be a reluctance, I suppose, to approach the government and look at what UKEF can offer.

In my case, I would say I've found them extremely helpful. As far as I can see, UK Export Finance will help businesses, and their main focus is, do you need support for export, whether you are Black or Asian or not.

And I would recommend them to all, including ethnically owned businesses. It's in their DNA to help businesses export. (bright music continues)

Unlocking Global Markets With Export Finance — Premier Ship Models

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Business Insider

Rashid Lalloo, CEO, explains his unplanned transition from accounting to founding Premier Ship Models.

He found inspiration for the business while observing tourist purchases of model ships in Mauritius.

He realized the global market potential of ship models, leading to a shift from B2C to primarily B2B sales.

Launching a website significantly expanded their market reach beyond boat shows.

The business transitioned from primarily B2C to a majority B2B model, serving corporate clients.

Premier Ship Models was introduced to UKEF years ago by the Department for International Trade.

They maintain a long-standing relationship with their UKEF manager, Craig Green, facilitating efficient communication and support.

UKEF's extensive network assists in connecting businesses with relevant financial partners.

UKEF's responsiveness, typically providing meetings within 48 hours, streamlines the process.

Having UKEF's support allows the company to focus on securing and delivering projects rather than solely on financial aspects.

Examples of UKEF's Support and its Impact

UKEF assisted in securing finance through alternative finance brokers for a deal with a major company.

A significant project in Oman required UKEF's guarantees to facilitate banking processes and secure the deal.

The interview discusses back-to-back guarantees used in the Oman project.

The discussion turns to UKEF's commitment to supporting ethnic minority-owned businesses.

UKEF's Support for Ethnic Minority Businesses

Rashid Lalloo found UKEF extremely helpful and recommends their services to all businesses, regardless of ethnicity.

UKEF's core focus is supporting export businesses, irrespective of ownership background.