UK Export Finance (UKEF), the UK’s export credit agency, will help many more businesses, both exporters and supply chain SMEs, access financial support through their banks.

Secretary of State for the Department for International Trade, Liam Fox, has announced that UKEF will partner with five of the UK’s biggest banks to deliver government-backed financial support to exporters more quickly and efficiently.

Partnering with Barclays, HSBC, Lloyds Banking Group, RBS/NatWest and Santander, UKEF will also be able to extend its support to supply chain companies of UK exporters, significantly increasing the number of businesses able to access UKEF-backed trade finance.

As a result, smaller companies that support big UK exporters will be able to secure government-backed financing to deliver products and services and benefit from their clients’ international business.

Through this new model, banks will be able to provide export-related trade finance, for example working capital loans and bonds required by overseas buyers, to support their SME customers directly, and with UKEF’s guarantee in place should it be needed.

At the same time, UKEF will make trade finance support directly available to direct suppliers supporting UK exporters, in a major enhancement to its existing offer. This will allow thousands of companies in manufacturers’ and service providers’ supply chains to access contract bonds and working capital loans with the government’s guarantee.

Since UKEF’s trade finance products were launched in 2011, nearly 300 companies have benefited from nearly £500 million in support for several billion pounds worth of overseas contracts. This development follows a partnership agreement between the Department for International Trade and the five banks signed in July 2016.

Contact your Local UK Export Finance Manager for more details.