11 Jun 2019
A financial support package for small to medium sized business (SMEs) has been announced as Dr Fox, Secretary of State for International Trade speaks at a celebration of 100 years of UK Export Finance’s (UKEF) backing for international trade.
This is the first time such an extensive financing package has been made available to small businesses exporting to fast-growing emerging markets from the UK.
The package will include:
- The Small Deal Initiative – to back the army of exporters undertaking the smaller contracts that underpin British trade
- Extending financial support to firms in exporters’ supply chains as well as exporters themselves
- The General Export Facility – covers general costs for exporters, rather than just costs related to a specific export deal.
The Small Deals Initiative sees UKEF guaranteeing the loans of potential overseas buyers of British goods to make UK bids more competitive.
The General Export Facility also allows UKEF to support exporters’ overall working capital requirements, rather than requiring support to be linked to the needs of a specific export.
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