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International Trade Secretary Liam Fox has announced that small businesses can now access government-backed export finance directly from their banks, boosting UK trade.
UK Export Finance (UKEF), the UK’s export credit agency, will on Monday 16 October launch a new partnership with 5 major high street banks allowing smaller businesses to access millions of pounds in government-backed trade finance directly from their bank in seconds.
UKEF, as part of the Department for International Trade, provides financial support to help UK companies sell to international customers. This new partnership with Barclays, HSBC, Lloyds, RBS/NatWest and Santander, announced by Liam Fox in July, comes as the Board of Trade met for the first time last week (12 October).
For the first time companies which supply exporters will also now be able to access UKEF-backed finance, helping them become part of major export contracts and spreading the benefits of trade to SMEs across the UK.
Secretary of State for International Trade, Liam Fox, said:
“Small businesses are the backbone of our economy, and giving them the support they need to seize international trading opportunities is a priority for the Department for International Trade as an international economic department. That’s why we’re partnering with the five major high street banks to make government-backed finance from UK Export Finance readily available, in a matter of seconds, opening up new global contracts to businesses across the UK.”
UKEF provides guarantees to banks to help businesses access bank finance, even where they’ve reached their credit limit or where the deal is considered too risky for the banks to take on alone – opening up emerging global markets to UK suppliers.
With this new partnership for finance up to £2 million, SMEs will be able to access UKEF support directly from their bank quickly and efficiently, without the need to apply separately. Provided a transaction meets UKEF’s criteria, the bank will just notify UKEF through a new secure digital platform. This will mean that, where previously it could take weeks in addition to the banks’ own turnaround times to access this support, it will now take a matter of seconds where the transaction is eligible.
As a result, the UK’s SMEs can quickly and easily access the funds they need to increase their exports, grow their revenue and sell British products around the world just by speaking to their bank manager.
At the same time, companies that aren’t yet selling overseas but are supplying products directly to those who are will also now qualify for UKEF support. Supplying to an exporter is a great way for smaller companies to get products into new markets, and government-backed finance can help secure contracts with big UK exporters to benefit from worldwide demand for UK goods and services.
Businesses interested can find out more by speaking to their bank.