Aiming to help small businesses to apply for export insurance more quickly, UK Export Finance (UKEF) has launched an online portal for credit insurance applications.
Available HERE, this new tool will enable firms to check their eligibility for UKEF credit insurance and make a full application.
The new portal significantly shortens the application process, making it easier for businesses to apply for and ultimately get the support they need to export.
Minister for Exports, Gareth Thomas, said: “Exporting can help businesses to grow more quickly and is a driver of UK economic growth. This is why the new Government is asking UKEF to take action to make exporting easier and more accessible. This new online service makes it easier than ever before for SMEs to apply for export insurance, giving them the confidence to take on new contracts around the world.”
UKEF’s export insurance product has protected hundreds of exporters from non-payment risk, a particularly valuable resource for small and medium-sized enterprises (SMEs), which may face greater challenges securing private-sector finance.
Its insurance can cover up to 95% of potential losses under an export contract.
Some three-quarters of UKEF’s insurance policies last year supported SMEs, mostly in the manufacturing, construction and retail sectors. The agency is aiming to support over 1000 SMEs a year by 2029
