THE BUSINESS OF INTERNATIONAL TRADE
THE BUSINESS OF INTERNATIONAL TRADE
UK Export Finance (UKEF) announced it is making it easier than ever for UK firms to sell in international markets, especially SMEs.
The export credit agency has today expanded its 'auto-inclusion' scheme, which provides fast-track access to trade finance products like the General Export Facility*. This means that small businesses can now access more government-backed credit, more quickly, without manual intervention from UKEF.
It has also doubled the maximum support which it can offer under auto-inclusion from £5 million to £10 million, so that UK exporters can access more support with a simple request through a participating bank, and increased from 2 years to 5 years, the loan terms available under the General Export Facility, giving businesses more flexible repayment terms where most needed.
This announcement at its annual conference of more flexible, fast-track financing for small businesses is a great boost for small businesses, which have already unlocked over £280 million in financing through the fast-track scheme since it was unveiled in 2021.
Also announced at the Conference are plans to establish a financing programme to support UK exporters hoping to enter or build exports to India, UKEF and HSBC India, under UKEF's Standard Buyer Loan Guarantee (SBLG) programme, allowing Indian buyers to purchase UK goods and services. India is one of the UK's closest trading partners.
"We're confident that our announcements will unlock even more deals for UK firms looking to sell to the world, whether they're exporting for the first time or looking for the latest in a long line of export successes." commented Tim Reid, CEO at UK Export Finance.
(* The General Export Facility (GEF) provides partial guarantees to banks to help UK exporters to gain access to trade finance facilities e.g. trade loans, bonding and letter of credit lines up to around £25 million. For facilities with values over £25 million, contact your local Export Finance Manager as one of UKEF's other schemes may be suitable.)
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