SME exporters will be able to benefit from extra support from UK Export Finance (UKEF), as it introduces fast-track financing for small businesses.
The export credit agency expanded its ‘auto-inclusion’ scheme following the recent Autumn Statement. The scheme provides fast-track access to trade finance products like the General Export Facility (GEF), meaning that SMEs can now access more government-backed credit more quickly without manual intervention from UKEF, making the schemes more flexible and accessible.
The maximum support that UKEF can offer under auto-inclusion has also doubled from £5 million to £10 million. This is good news for small businesses, who have also seen greater flexibility through the increase in maximum tenor for loans under the GEF, from two to five years.
Ian Adams, BDM at Bathgate Business Finance, said: “This additional support from UKEF is another welcome boost for SMEs who are the lifeblood of the UK economy. The expansion of the auto-inclusion scheme means that small UK exporters can now access more support and faster, through a simple request to a participating bank or finance provider. This provides much-needed flexibility for the businesses that need it most.”
To find out more about export finance and support available for your business, contact Ian Adams on firstname.lastname@example.org