19/10/2017
SMEs can now access government-backed export finance directly from banks (UK)
A new partnership between UK Export Finance (the national export credit agency) and 5 major high street banks has helped to open up global markets to smaller businesses by providing them with access to government–backed export finance directly from their banks.
Under the partnerships, UKEF can now provide guarantees for up to 80% of export loans to Barclays, HSBC, Lloyds, RBS/NatWest and Santander, enabling them to offer a business up to £2m to help finance exports, even if it has reached its credit limit or the banks consider the deal too risky to take on alone.
Companies that supply exporters can also access UKEF-backed finance for the first time, under a new development that aims to spread the financial benefits of export trade to small and medium sized businesses in supply chains across the UK.
Provided a transaction meets UKEF’s criteria, the bank simply has to notify it through a new secure digital platform. This means that, where previously it could take weeks in addition to the banks’ own turnaround times to access this support, it now takes a matter of seconds for eligible transactions to be completed.
In addition to a short overview and an diagram showing how the new scheme works, ‘Export working capital scheme’ includes sections explaining the eligibility criteria, how to apply, what support may be available for, the risks covered, the costs and the appeals process.
Businesses wishing to take advantage of the scheme should contact their bank (as listed above), not UKEF.
‘About our products and services’ provides an overview of what UKEF does, guidance to the individual products and services and supporting documentation.
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