Last reviewed 8 December 2021
In a speech to the UK Trade and Export Finance Forum, Exports Minister, Mike Freer, said that British businesses must harness the opportunities created by the trade deals the UK has signed with 70 countries plus the EU.
He highlighted his ambition to use UK Export Finance’s (UKEF) £50 billion of finance capacity to stimulate UK trade.
“There are huge areas of untapped export potential across the UK,” Mr Freer said. “One in seven firms with a turnover over £500,000 are not exporting and could be. UKEF is here to help change that.”
With Newable becoming the first non-bank lender accredited to the scheme, widening UKEF’s reach among UK SMEs, he pointed out that £123 million has now been issued to over 60 businesses as part of UKEF’s new General Export Facility (GEF) since March 2021.
In addition, the Export Development Guarantee (EDG), which allows UKEF to finance a company’s exporting business, has been transformed to support businesses that do not export but could do so and offers more generous terms to green exporters.
UKEF has also signed a Memorandum of Understanding (MoU) with General Electric (GE) which will commit UKEF to supporting more renewable energy projects with GE, building on contracts in excess of £2.7 billion already delivered since 2015.
“Over the last 18 months, UKEF has been agile and responsive to the needs of the market,” Mr Freer concluded. “The department underwent radical changes and emerged stronger. But it has billions of pounds remaining. I am here to say it can do even more. It is open for business.”
See www.gov.uk/government/collections/our-products for more information about the help available from UKEF.