Radical shake up to government export finance support for small businesses
UKEF launches the General Export Facility in partnership with UK’s leading commercial banks. New scheme to give exporting SMEs access to working capital they need to recover from COVID-19
Government can provide an 80% guarantee on financial support from lenders to support general exporting costs, up to the value of £25 million
GEF will transform UKEF’s offer to smaller businesses, encouraging them to export and take advantage of new free trade agreements.
UK Export Finance (UKEF) today launches a new guarantee scheme that will free up funds for UK businesses to cover the costs of international trade, supporting thousands of jobs and livelihoods across the country
Exporters will be able to apply for finance from the UK’s five largest banks backed by a UKEF guarantee to free up working capital that can be used for everyday costs linked to exports and to scale up their business operations. This will help thousands of businesses, particularly SMEs, to fulfil multiple export contracts, pay for labour costs, build their inventory and ease cash flow constraints.
Minister for Exports, Graham Stuart, will launch the General Export Facility (GEF) in a speech at UKEF’s ‘Trade and Export Finance Forum’. He will announce that the government is shaking up the support it provides for internationally focused companies to help bring new trading opportunities to businesses in every part of the country. More here