Small businesses looking to access funding to expand their exporting opportunities can now fast-track their applications with UK Export Finance, the Government’s export credit agency, and apply for twice the previous amount. The limit available now is £10m.
The move makes it “easier than ever” to sell into international markets, according to the Government, as the UKEF has now expanded its ‘auto-inclusion’ scheme which offers fast-track access to products such as the General Export Facility.
The payment terms have also increased from two to five years under the scheme, which increases the repayment flexibility available to small businesses too.
How does a business access this funding?
To access this funding, a business would need to speak to a participating bank, but the auto-inclusion removes the need for a manual intervention by UKEF, so the funding should be accessible quickly.
Charles Platts, Chair of ICAEW’s Global Trade Community Advisory Group, says: “The speed at which finance can be accessed is critical to small businesses everywhere that are considering export opportunities. By expanding this facility, UKEF is giving small businesses throughout the UK a major source of quickly accessible finance that will enable them to chase opportunities that they may have otherwise not pursued.”
Tim Reid, CEO at UK Export Finance, said: “We’re proud to celebrate another successful year of supporting UK businesses. In speaking with our customers – and especially with small businesses – it’s clear that ease of accessing finance and flexibility in repayment terms make a big difference for firms wanting to export.”
Let us help you
If you need any help with accessing financing through the UKEF scheme or in any other way, please get in touch and we will be happy to offer you the help and guidance you need.
