Smaller businesses are set to benefit from extra government support to maximise orders from international buyers UK Export Finance (UKEF) unveils today, delivering on commitments set out in the government’s new Trade Strategy.
The export credit agency and government department plays a vital role in stimulating exports and enhancing accessibility for exporters of all sizes nationwide.
UKEF has enhanced its export insurance with a new Small Export Builder option, making export protection more accessible to smaller businesses seeking financial security when trading internationally.
The department is also introducing a ‘Repeat Order Guarantee’ so international buyers can easily keep accessing goods and services from their most trusted UK suppliers of all sizes and in a more streamlined way without the need of repeated applications, reducing red tape for business. This will help businesses to plan ahead and give greater assurance to UK-based supply chains.
Trade Minister Douglas Alexander said:
This new hard-headed, data driven, and agile approach to trade policy is guided by our pragmatic patriotism. In this changed and challenging world, we will promote what we can and protect what we must to advance the UK’s national interest.
Through our Trade Strategy, we are supporting our businesses to expand and export with a wider range of trade tools that harness our high-growth industries of the future to deliver this government’s Plan for Change.
With its larger £80 billion remit, UKEF takes a central role in helping the government to achieve its trade objectives, and support exporters to fulfil orders, create jobs and get paid.
UK Export Finance CEO Tim Reid added:
We’re focused on delivering measurable impact for our customers, placing their needs at the heart of everything we do.
UKEF supports businesses through providing financing, guarantees and insurance to support UK exports. We continue to focus on making our products more accessible and easier to use.
Our updated insurance offer and Repeat Order Guarantee are fantastic additions to our portfolio and underscore our efforts to support long-term export growth.
The measures are announced ahead of UKEF’s 2024/25 annual report & accounts which will be published soon.
The results will build on the 2023/24 financial year in which UKEF provided over £8.8 billion of support to 650 businesses, supported up to 41,000 jobs in communities around the whole UK and the contribution of up to £3.3 billion to the overall economy.
