Support skyrockets for SME exporters
A recent report from the export credit agency UK Export Finance (UKEF) has announced that it provided over £3m of support to South West exporting firms over the last 12 months – a 60% per cent increase from last year’s figures.
The support lent to businesses has helped drive overseas export sales of more than £41m.
Working in partnership with the Department for International Trade – a West of England Growth Hub support provider - UKEF actively monitors sales opportunities and develops innovative strategies for exporters to meet foreign business demand, while also making sure that lack of finance does not prevent businesses from expanding into overseas markets.
Sales from the West of England to international markets have grown by more than 10%, an increase of 5% from last year. The findings from the UKEF’s annual report is not only evidence of the growing demand for services and goods from the UK, but it shows the UK’s readiness and ability to meet these demands.
On a national scale, the report shows UKEF provided £3bn of support with UK exports now reaching 63 countries and 79% of the UK exporters benefiting from this support being small and medium-sized enterprises. UKEF also lent a record £305m to infrastructure and energy projects.
In a business plan for 2017-2020, UKEF’s three-year vision revealed a substantial plan to deliver support quickly and efficiently to trading customers by creating a partnership with five of the UKs largest banks.
Geoffrey de Mowbray, Chairman of the British Exporters’ Association, was confident in the initiative’s ambitious three-year plan, stating: “UK Export Finance is now, rightly, considered one of the world’s leading export credit agencies and its support has helped hundreds of companies succeed abroad.” UKEF supports exporters with a range of products that include:
- Bond insurance policy;
- Bond support scheme;
- Buyer & supplier credit financing facility;
- Direct lending facility;
- Export insurance policy;
- Export refinancing facility;
- Export working capital scheme;
- Letter of credit guarantee scheme.