UK Export Finance has launched a new financial support product for small exporters in a radical shake-up of governmental international trade support.
In partnership with the UK’s leading commercial banks, the new scheme aims to give SME exporters access to working capital to support Covid recovery.
The new scheme is backed by government, providing an 80% guarantee on financial support given by lenders. It’s hoped the General Export Facility will encourage more small businesses to explore exporting their products and services and take advantage of new and future trade agreements.
Minister for exports, Graham Stuart, said on the launch of the scheme that: “UKEF’s support for smaller businesses is shifting up a gear. The new General Export Facility will make a huge difference for entrepreneurs who need the financial backing to go global and benefit from our free trade agreements. It will help us bring genuine optimism back to exporters.
“We were the only top ten exporting nation to grow exports last year. I’m determined for that success to continue as we recover from Covid-19. By transforming access to the world’s best export credit agency, we can unlock the entrepreneurial energy needed to make that a reality.”
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Businesses will be able to apply for finance through the UK’s give largest banks backed by a UKEF guarantee to free up working capital which can be used to support everyday costs associated with exporting, including fulfilling contracts, paying staff and building inventory.
Those banks are:
- HSBC
- Lloyds Bank
- Natwest
- Santander
- Barclays
Other lenders will join the scheme in the months ahead.
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