The MTA attended the UK Trade & Export Finance Forum in London, hosted by UK Export Finance (UKEF), where attendees learned about the introduction of more flexible, fast-track funding for small businesses.
The maximum support for SME exporters under the scheme was doubling from £5m to £10m, allowing firms easier access to financing, to begin or expand their international sales with more flexible repayment terms.
Parliamentary Under Secretary for State (Minister for Exports) Lord Offord of Garvel’s keynote address acknowledged small businesses and the role they can play in achieving the government’s goal of £1trn in exports by 2030.
A large bounce-back on exports since the pandemic has seen UK exports hit £880bn last year, representing a 30% bounce-back.
As the UK economy was “stabilising” after the shocks of Covid and the Ukraine war, and inflation coming down, Lord Offord felt now was the time to turbocharge the UK economy.
Particular mention was given to advanced manufacturing – a cutting-edge industry that, alongside fintech and life sciences, could boost the UK economy “for the next ten years”..
The introduction of full expensing meant for every pound put into [capital spending for] business, would result in 25p back.
Tim Reid, UKEF’s chief executive, informed the audience that UKEF were making their insurance product easier and quicker to use, and were financing overseas buyers so that they can buy from SMEs directly.
The agency was increasing its capacity, offering a £6bn maximum of support per country, up from a previous £5bn.
An increase of the agency’s total finance capacity, from £50bn to £60bn, enables UKEF to help more customers.
UKEF also offers UK manufacturers the opportunity to increase UK content in overseas projects through high profile, hybrid networking Supplier events. These events place UK suppliers directly in front of international buyers actively looking for UK products and service for their overseas projects.
For further information see the UK Export Finance website on: https://www.ukexportfinance.gov.uk/