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An extensive new financial support package for small to medium-sized business (SMEs) exporting to fast-growing markets has been outlined by the Secretary of State for International Trade.
Overseen by UK Export Finance (UKEF), the package will include:
The Small Deal Initiative – to back exporters undertaking the smaller contracts that underpin British trade. UKEF will guarantee the loans of potential overseas buyers of British goods to make UK bids more competitive.
Extending financial support to firms in exporters’ supply chains as well as exporters themselves.
The General Export Facility – allowing UKEF to support exporters’ overall working capital requirements, rather than requiring support to be linked to the needs of a specific export.
Dr Liam Fox said:
"These announcements are potential gamechangers for our export industry, and will help us to tap a fresh vein of potential from within our economy.
"Building a truly Global Britain takes real investment. It cannot be done on the cheap.
"If we want to become an exporting superpower, with greater influence, selling more goods and services abroad and encouraging more British investment overseas, then we will have to invest in the capabilities required.
"UKEF’s work would be at the very forefront of this investment strategy."
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