The Government’s trade finance arm, UK Export Finance, is to expand its export support for small and medium-sized enterprises. The target is to reach up to 1000 p.a. by 2029. The primary beneficiaries will be SMEs owned and run by women. The agency provides insurance cover on overseas contracts and guarantees on loans linked to exports. Last year, it had £46bn on its books. The agency plans to expand its support for SMEs by providing more guarantees for working capital and trade finance. It will help small companies access other business finance, and support their efforts to win work on UKEF-supported projects overseas. It also intends to sign up more alternative small business lenders and streamline decision making. UK companies are expected to secure £12.5bn in export contracts, and £10bn of “clean growth” financing will be provided over the next five years.

BFS Comment:

Welcome news, though one has to ask why they are looking to limit the target to 1000 SMEs a year? Otherwise anything that can be done to improve the UKs trade balance has to be applauded. If you are looking to export your goods/services and need guidance then make your first call to us at BFS for a free consultation on your plans. Simply call 0800 093 5240 or e-mail enquiries@bufinserv.co.uk .