New EBRD trade support initiatives for SMEs

In order to increase small- and medium-sized businesses’ access to trade finance and advice, the European Bank for Reconstruction and Development (EBRD) has launched a brand new initiative. Called ‘Trade Ready’, EDRD’s Trade Facilitation Programme (TFP) and Advice for Small Businesses (ASB) should reacher a further audience which will allow SMEs the finance and knowledge required to grow in terms of trading.

Firstly, the local banks will be given finance training and companies will be given access to advisory services that will allow them to compete within their current industry. With this in mind, both the banks and the businesses will benefit because banks will increase their custom whilst businesses will have access to much-needed funds in order to expand their products or services to an international market.

With the theme ‘initiative trade’, the WTO Public Forum 2016 took place in Geneva this week which was where the program was first announced. For the WTO, this is the biggest event of the year in terms of outreach as it attracts over 2,000 people.

Head of EBRD’s Trade Facilitation Programme, Rudolf Putz, has 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. 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 Trade Ready will address.”

EBRD’s Director of Advice for Small Businesses, Charlotte Ruhe, added “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. To achieve inclusive trade, we need to address the fact that smaller businesses are often overlooked.”

As well as advice on a number of topics, the initiative will also allow businesses to receive trade finance instruments training and network opportunities to promote importing and exporting to a wider market.