UK Export Finance (UKEF) has introduced a new Small Export Builder option which will, it claims, make export protection more accessible to smaller businesses seeking financial security when selling abroad.
With full details available HERE, the new service provided by the export credit agency will allow firms to increase their credit insurance limit incrementally from an initial limit of £25,000 up to a maximum of £100,000 as they build up a positive trading history with their buyer.
UKEF is also introducing a “Repeat Order Guarantee” so that international buyers can keep accessing goods and services from their most trusted UK suppliers of all sizes and in a more streamlined way without the need for repeated applications.
These initiatives, aiming to help smaller businesses to maximise orders from international buyers, meet the commitments set out in the Government’s new Trade Strategy, the Department for Business and Trade (DBT) said. They build on the 2023/24 financial year in which UKEF provided over £8.8 billion of support to 650 businesses, supported up to 41,000 jobs in communities around the whole UK and contributed up to £3.3 billion to the overall economy.
Trade Minister Douglas Alexander said: “With its larger £80 billion remit, UKEF takes a central role in helping the Government to achieve its trade objectives, and support exporters to fulfil orders, create jobs and get paid.”
Department for Business and Trade
We are the department for economic growth. We support businesses to invest, grow and export, creating jobs and opportunities across the country.
