Originally written by Anna Jordan on Small Business
Liam Fox MP will be announcing a financial support package for SMEs today (5th June).
The Secretary of State for International Trade is speaking at an event celebrating 100 years of UK Export Finance’s (UKEF) backing for international trade.
It’s the first time such an extensive financing package has been made available to small businesses who export to fast-growing emerging markets from the UK.
What will be in the package?
The new financial support package will include:
The Small Deal Initiative – to back exporters undertaking smaller contracts that underpin British trade
Extending financial support to firms in exporters’ supply chains as well as exporters themselves
The General Export Facility – covers general costs for exporters, rather than just costs related to a specific export deal
The Small Deals Initiative will see UKEF guaranteeing the loans of potential overseas buyers of British goods to make UK bids more competitive.
The General Facility also allows UKEF to support exporters’ overall working capital requirements, as opposed to needing support to be linked to the needs of a specific export.
This flexible approach will give smaller business greater access to bonds and working capital.
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