A new initiative to encourage import and export activity among SMEs, and train them on the use of trade finance instruments, has been launched at the European Bank for Reconstruction and Development (EBRD).
Unveiled on 28 September, Trade Ready is a joint project from the EBRD’s Trade Facilitation Programme (TFP) and its Advice for Small Businesses (ASB) division.
The primary aims of the scheme are:
In fulfilling the second aim, Trade Ready will essentially work as a corporate matchmaking service – pairing eager and hungry companies with the banks and solutions that are right for them.
TFP head Rudolf Putz said: “We are very happy to present this new initiative, as it will allow local banks to reach small businesses that have the potential to benefit from international trade.”
He added: “Private SMEs represent the core of the economies in most countries where the EBRD invests, and supporting the trade activities of these firms is an important element for securing their sustainable growth.
“The potential is huge, but often the know-how is missing, and this is exactly the issue that Trade Ready will address.”
Charlotte Ruhe, EBRD director of ASB, said: “We know that small businesses need access to both finance and the right advice to develop and grow.
“With Trade Ready, the EBRD is supporting small businesses through a wide range of services to make them more competitive abroad and at home, whether it is having enough information to make the best choice in their trade finance options or working with a consultant or adviser to adapt their product for a particular market.”
Ruhe noted: “To achieve inclusive trade, we need to address the fact that smaller businesses are often overlooked.”
Founded in 1999, the TFP programme has so far assisted more than 18,500 transactions worth a total €12.8bn in the 28 countries where the EBRD invests.
Owned and backed by 65 countries, the EBRD has mobilised more than €250m of donor support from the EU and the private sector since its 1991 inception, helping at least 16,000 SMEs.