UK Export Finance is partnering with five of the UK’s biggest banks to deliver government-backed financial support to exporter quicker and more efficiently.
Secretary of State for the Department of International trade, Liam Fox made the announcement, outlining the government’s renewed ‘commitment to helping small business seize global demand for British exports.’
Partnering with Barclays, HSBC, Lloyds Banking Group, NatWest and Santander, UKEF will be able to extend its support to supply chain companies of UK exporters.
The goal is to ‘significantly increase the number of business able to access UKEF-backed trade finance.’
“Providing easily accessible finance, backed by UKEF’s guarantee will lift a common barrier to exporting,” said Fox.
“Providing that finance to suppliers as well as exporters means spreading the benefits of global trade, supporting more jobs and growth for companies large and small.”
Jeff Longhurst, UK Finance Head of Commercial, added: “The industry is committed to making it easier for UK exporters to access finance and UK Finance has worked closely with lenders and UKEF to make this process simpler.
“With nearly 70 per cent of international SMEs planning to grow in the next 12 months, today’s announcement is a boost for both SMEs and the wider economy, helping support businesses across the country.”
Banks will now be able to provide export-related trade finance such as working capital loans and bonds required by overseas buyers, to support their SME customers.
Meanwhile, UKEF will make trade finance support available to direct suppliers supporting UK exporters.
Nearly 300 companies have benefitted from nearly £500 million in support since UKEF first launched its trade finance products in 2011.