UK Export Finance, the UK’s export credit agency, has provided £6 billion in financing for UK SME exporters over the past 12 months as they continue to promote Britain as the champion of free trade.
In UK Export Finance’s Annual Report and Accounts 2021-22 it was revealed that they provided £7.4 billion to UK businesses for the purpose of exports, with 81 per cent going to SMEs, totalling £6 billion.
As part of their support, UK Export Finance improved their small business offering by fully deploying the General Export Facility to support a wider range of SMEs, during which, they provided £180 million of support, 92 per cent of which went to SMEs.
For the year ahead, UK Export Finance has pledged to continue widening the availability of the General Export Facility with new delivery partners, as well as utilising the Export Finance Manager network to reach a greater number of SMEs whose turnover is less than £10 million a year.
Anne-Marie Trevelyan, Secretary of State for International Trade, and Mike Freer, Parliamentary Under Secretary of State, said in a joint statement: “SMEs are benefitting from the new General Export Facility with nearly £250 million of working capital loans.”
“The new expanded Export Development Guarantee is also providing financial security to many of the UK’s biggest exporters, with billions of pounds now provided, and to the thousands of companies in their supply chains.”
Serial entrepreneur and founder of business launchpad platform Start My Business, Shoaib Aslam commented: “In the current economic climate, start-ups and SMEs are desperate for support so it is fantastic to see the commitment provided by UK Export Finance over the past year. Financial support, in particular, can help form the backbone of a successful small business and facilitate much needed growth.”
“Although, start-ups and SMEs should also look for support beyond the government as well, relying on both the services and guidance of other small businesses to ensure the small business economy thrives collectively.”
Dominic Duru, co-founder, DKK Partners comments: “SMEs are the lifeblood of the British economy and it’s encouraging to see billions of pounds of support to enable businesses to expand overseas and boost international trade. The Covid-19 pandemic had a huge impact on supply chains, resourcing and prevented many ambitious companies from achieving their goals.”
“Moving forward, it’s time to unleash this potential, by giving forward-thinking businesses the access and financial support they need to increase trade overseas, particularly in emerging markets, which in turn will dramatically improve the economic health of UK PLC.”