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The government’s export credit agency, UK Export Finance (UKEF), has announced a range of new measures to support SME exporters access new opportunities.
A range of new products and services for small businesses were unveiled at the UKEF’s annual conference on 23rd November, including a more flexible, fast-track financing option for SME exporters.
UKEF has expanded eligibility to small businesses for its auto-inclusion’ scheme to smaller businesses, which will be able to access more government-backed credit without manual intervention from the agency; the maximum support available from the scheme has also doubled to £10 million, with a maximum tenor for loans raised to five years.
Since the fast-track scheme was first launched in 2021, it has already supported over £280 million in financing.
Tim Reid, CEO at UK Export Finance, said:
“We’re proud to celebrate another successful year of supporting UK businesses. In speaking with our customers – and especially with small businesses – it’s clear that ease of accessing finance and flexibility in repayment terms make a big difference for firms wanting to export.
“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.“
UKEF has also announced a new agreement with HSBC India, with the two organisations having signed a Letter of Intent to establish a financing programme under the agency’s Standard Buyer Loan Guarantee (SBLG) programme. The scheme aims to unlock up to £100 million in loans to grow exports to India for businesses of all sizes.
Stuart Tait, Head of Commercial Banking at HSBC UK, said:
“HSBC UK has a strong relationship with UKEF, supporting British exporters to achieve their global ambitions. As one of the world’s leading international banks, we’re uniquely positioned to support the growth of trade and investment between India and the UK. We look forward to helping UK businesses tap into more opportunities – using our global network to bridge customers, cultures and economies.”