Extra financial support for SME exporters
UK Export Finance (UKEF) has announced new measures to help UK SMEs access more exporting opportunities. UKEF has expanded its “auto-inclusion” scheme which gives businesses fast-track access to finance products like the government’s General Export Facility (GEF). The GEF provides partial guarantees to banks to help UK exporters gain access to trade finance facilities such as: (1) cash facilities such as trade loans; (2) contingent obligation facilities such as bonding and letters of credit.
What’s changed? (1) The maximum support UKEF can offer under auto-inclusion has doubled from £5m to £10m. Now exporters can access more support with a simple request through a participating bank (see The next step ). (2) The maximum term for GEF loans has also increased from two to five years, giving businesses more flexible repayment terms where needed.
For the participating banks
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