In a move to boost international trade and foster greater exporting opportunities for small businesses, UK Export Finance (UKEF) has introduced more flexible and expedited financing.
The Government's export credit agency made this announcement during its annual conference, revealing it now has the capability to fast-track trade finance applications worth up to £10 million - double the previous limit.
This initiative aligns with the Government's commitment in the 2023 Autumn Statement to provide additional support for SMEs seeking to access global markets through UK Export Finance.
The measures introduced will also widen the maximum timeframe for loans from the General Export Facility from two to five years. This aims to give businesses more adaptable repayment terms amidst the current challenging economic landscape.
By expanding the 'auto-inclusion' scheme, which facilitates fast-track access to trade finance products, small businesses can now swiftly secure Government-backed credit without manual intervention from UKEF. UK exporters can initiate a simple request through participating banks, streamlining the process and ensuring a prompt response.
Since its inception in 2021, the 'auto-inclusion' scheme has proven to be a success, with small businesses already unlocking over £280m in financing.
Tim Reid, CEO at UK Export Finance, said:
"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.
"We're confident that our announcements will unlock even more deals for UK firms looking to sell to the world, whether they're exporting for the first time or looking for the latest in a long line of export successes."
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