UK Export Finance (UKEF), in partnership with the UK’s leading commercial banks, has introduced a new guarantee scheme to help cover the costs of international trade.
Under the scheme, exporters will be able to apply for finance from the UK’s five largest banks backed by a UKEF guarantee to free up working capital that can be used for costs linked to exports and to scale up their business operations.
The Government will provide an 80% guarantee on loans from lenders to support exporting costs, up to £25 million. This will particularly aid SMEs, allowing them to more easily fulfil contracts, pay for labour and build their inventory.
The new scheme is part of the government’s drive to shake up support for internationally focused companies to help bring new trading opportunities in a post-Brexit climate.