Back in October UK Export Finance (UKEF), the UK’s export credit agency, launched 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.
… but did you know that for the first time companies which supply exporters can now access UKEF-backed finance, helping them become part of major export contracts and spreading the benefits of trade to small and medium-sized enterprises (SMEs) across the UK?
Commenting on the news, EMITA member Tony Petersen, MIEx (Grad) Export Finance Manager, East Midlands Region for UK Export Finance said, “ 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.”
Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), added, “Through our work with the Secretary of State for International Trade, I am delighted to see the Government’s plans to improve access to export finance.
The success of the UK economy rests on helping more small businesses to export, and export more. FSB research shows 20 per cent of UK small firms already export, and with the right support this could double.
This announcement of faster and more readily available finance means more small businesses will be able to access growth markets around the world.
Small firms’ contribution to the UK’s export market is of course not limited to those that sell products overseas. Our research highlights that one in six of all UK small businesses also form part of a supply chain of which the end product is exported, so opening up export finance to this group of firms is great news.”
Businesses interested can either find out more by speaking to their bank or by contacting Tony Petersen MIEx (Grad) Export Finance Manager, East Midlands Region – UK Export Finance Tel: +44 (0)7825 276476.