UK Export Finance (UKEF), the UK’s export credit agency, has announced plans to help more businesses, both exporters and supply chain SMEs, access financial support through their banks.
UKEF will partner with five of the UK’s biggest banks to deliver government-backed financial support to exporters more quickly and efficiently.
UKEF will also extend its existing 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 WKEF’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.
All of this is being delivered to banks through a new and secure digital platform to help ensure the quickest response times and most efficient customer experience.