The government has announced a new finance initiative aimed at exporters and supply chain small and medium sized enterprises (SMEs) designed to expand the number of businesses eligible for UK Export Finance (UKEF) via partner banks including Barclays, HSBC, Lloyds Banking Group, RBS/NatWest and Santander.
Of the new initiative, Liam Fox, Secretary of State for International Trade said:
“As an international economic department, this new partnership shows the Department for International Trade’s commitment to help small businesses seize the global demand for British exports. Providing easily accessible finance, backed by UKEF’s guarantee, will lift a common barrier to exporting. Providing that finance to suppliers as well as exporters means spreading the benefits of global trade, supporting more jobs and growth for companies large and small.”