International Trade Secretary Liam Fox has announced that small businesses can now access UK Government-backed export finance directly from their banks, boosting Britain’s trade.
UK Export Finance (Ukef), the UK’s export credit agency, has launched a new partnership with five major high street banks allowing smaller businesses to access millions of pounds in government-backed trade finance directly from their bank in seconds. Ukef, as part of the Department for International Trade, provides financial support to help UK companies sell to international customers.
Its new partnership is with Barclays, HSBC, Lloyds, RBS/NatWest and Santander.
For the first time, companies which supply exporters are now also able to access Ukef-backed finance, helping them become part of major export contracts and spreading the benefits of trade to small and medium-sized enterprises across the UK.
Mr Fox said: “Small businesses are the backbone of our economy, and giving them the support they need to seize international trading opportunities is a priority for the Department for International Trade.
“That’s why we’re partnering with the five major high street banks to make government-backed finance from UK Export Finance readily available.”
Federation of Small Businesses chairman Mike Cherry said: “More small businesses will be able to access growth markets.”