The General Export Facility (GEF) has been launched by UK Export Finance (UKEF) in partnership with commercial banks. The scheme will offer exporters access to working capital they need to recover from coronavirus (COVID-19). The aim is to transform UKEF’s offer to smaller businesses, encouraging them to export and take advantage of new free trade agreements.
Exporters will be able to apply for finance from the UK’s five largest banks, backed by a UKEF guarantee to free up working capital that can be used for everyday costs linked to exports and to scale up their business operations.
GEF will support a range of trade finance products including trade loans, bonds, letter of credit lines, CapEx and invoice financing. The facility enables UKEF to provide a partial guarantee to lenders of up to 80% of the credit risk on facilities typically worth up to £25 million, with UKEF’s support no longer tied to individual export contracts. The maximum repayment term is up to five years.
Minister for Exports, Graham Stuart, said:
'We were the only top ten exporting nation to grow exports last year. I'm determined for that success to continue as we recover from COVID-19. By transforming access to the world’s best export credit agency, we can unlock the entrepreneurial energy needed to make that reality.'
To access GEF, exporters should discuss their potential application with their bank.
How To Apply
Applications will be accepted from early 2021.
To access GEF, exporters should discuss their potential application with their bank. There are currently five participating banks: Barclays Bank plc, HSBC Bank plc, Lloyds Banking Group/Bank of Scotland plc, The Royal Bank of Scotland plc /National Westminster Bank plc /Ulster Bank and Santander UK plc.
To find out more about the GEF or to discuss eligibility for support, contact interested parties should email [email protected] or call 020 7271 8010.
More details can be accessed here