From the 16 October 2017 businesses in the UK can receive government backed UK Export Finance directly from their bank to boost exports and trade with other companies that do export.
The new partnership between UKEF and 5 leading banks in the UK is designed to allow Uk business to access millions of pounds of government backed trade finance directly through their own bank.
Previously, businesses that needed financial support from the UKEF would have to make separate applications to their bank and to the UKEF, a complicated and time consuming process. Under the new scheme the application can be made to the bank, who subject to the agreed eligibility criteria can notify the UKEF through the new digital platform.
The new scheme also provides, for the first time, the opportunity for businesses that are not currently exporting but wish to supply to businesses that are exporting to also access the financial guarantees that they need.
The Federation of Small Business National Chairman Mike Cherry, said;
Today’s announcement of faster and more readily available finance means more small businesses will be able to access growth markets around the world.
Making the announcement Liam Fox, the Secretary of Stae for International Trade and MP for North Somerset stated;
Small businesses are the backbone of our economy, and giving them the support they need to seize international trading opportunities is a priority for the Department for International Trade as an international economic department.
That’s why we’re partnering with the five major high street banks to make government-backed finance from UK Export Finance readily available in a matter of seconds, opening up new global contracts to businesses across the UK.
The five banks in partnership with UKEF are Barclays, HSBC, Lloyds, RBS/NatWest and Santander.