Government Announces Bank Partnership to Boost SME Export Trade

The UK’s export credit agency – UK Export Finance (UKEF) is launching a new partnership with five high street banks, enabling smaller businesses to speedily access millions of pounds in government-backed trade finance, directly from their bank.

As part of the Department for International Trade, UKEF provides financial support to help firms sell to international customers. This new partnership with Barclays, HSBC, Lloyds, RBS/NatWest and Santander, comes as the Board of Trade met for the first time.

Companies supplying exporters can now access UKEF-backed finance, helping them towards large export contracts and spreading the benefits of trade to small and medium-sized enterprises (SMEs) across the UK.

With this new partnership for finance up to £2 million, SMEs can access UKEF support directly from their bank quickly and efficiently, without the need to apply separately. Provided a transaction meets UKEF’s criteria, the bank will notify UKEF through a new secure digital platform. This means that, where previously it could take weeks in addition to the banks’ own turnaround times to access this support, it will now only take a matter of seconds, where the transaction is eligible.

Companies that are not yet selling overseas, but are supplying products directly to those who are, will also now qualify for UKEF support. Supplying to an exporter is way for smaller companies to get products into new markets, and government-backed finance can help secure contracts with big UK exporters to benefit from worldwide demand for UK goods and services.

The Secretary of State for International Trade, Liam 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 as an international economic department.

"That's why we're partnering with the five major high street banks to make government-backed finance from UK Export Finance readily available in a matter of seconds, opening up new global contracts to businesses across the UK."

Businesses that are interested in the new partnership offering can find out more by speaking directly to their bank.

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