The Government has announced a new financial support package for small to medium-sized business (SMEs).
This is the first time that a financial support plan as comprehensive as this has been announced for SMEs exporting to emerging markets from the UK.
The plan was announced as UK Export Finance (UKEF) celebrates its centenary year.
The package will extend financial support to companies in the supply chain of exports, in addition to the exporters themselves.
The General Export Facility will cover the general cost for firms that are exporting instead of just the costs related to a specific export deal. The facility allows UKEF to support exporters overall working capital requirements, rather than being linked to the needs of specific exports.
Also announced in the package is the Small Deal Initiative, which aims to back the exporters that undertake smaller contracts in the UK. UKEF will guarantee the loans of potential overseas buyers of British goods.
Liam Fox, Secretary of State for International Trade, said: “These announcements are potential game-changers for our export industry, and will help us to tap a fresh vein of potential from within our economy.”
“If we want to become an exporting superpower, with greater influence, selling more goods and services abroad and encouraging more British investment overseas, then we will have to invest in the capabilities required.”
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