UK Export Finance (UKEF), on Monday 16th October 2017, announced that it has launched a new partnership with five renowned high street banks – Barclays, Llyods, HSBC, NatWest and Santander – to provide SMEs with access to millions in government-backed trade finance.
What is UKEF?
What are the implications of this new partnership?
Now that SMEs have access UKEF-backed finance, they have greater support to access major export contracts, to access growth markets worldwide and seize international trading opportunities.
SMEs can access UKEF finance directly from their banks, even if they have reached their credit limit or if the proposed contract is considered too great a risk for the banks to take on alone. Removing the often slow process of applying separately to The Department for International Trade as well as the banks, SMEs can easily access funds within seconds where the transaction is eligible.
Does this scheme only benefit SMEs which are selling overseas?
No! This scheme also allows SMEs which supply products directly to overseas-selling companies to qualify for UKEF finance. This helps SMEs deliver their products into new markets and, by securing contracts with renowned UK exporters, SMEs can benefit from the global demand for UK goods and services.