Some of Scotland’s exports are reaching new global markets and customers as the UK Government’s export credit agency has brokered £42 million of export finance deals since July 2024. Companies from a range of sectors including food and drink and offshore wind are benefitting from credit guarantees and insurance.
UK Export Finance (UKEF) has helped firms such as Ferguson Whisky and manufacturer of fire and rescue vehicles Emergency One, which the government of Iraq has contracted to replace some of its fleet of fire engines, to expand to markets abroad.
Offshore services company Aberdeen-based First Tech is the latest to benefit from UKEF’s support as the agency has renewed a £12 million support package delivered with Virgin Money for its subsidiary First Subsea. This will allow it to continue its growth into the offshore wind market and provide UK-made products such as cable protections systems, bend restrictor products or heavy lift connectors, across the globe.
Minister for Trade Policy, Douglas Alexander, said: “We’re working hard to ensure that Scottish businesses have the support they need to sell to the world and grow, and the help that UK Export Finance provides is a crucial part of this.”
Providing credit guarantees and insurance, UKEF is helping smaller businesses to overcome financial barriers to exporting. Its specialised trade finance offer sits alongside other sources of support from public organisations such as the Export Support Service, UK Export Academy and British Business Bank, which can offer more general access to finance.
See here for details of the products available from UKEF.
