What is UK Export Finance?UKEF is the UK’s export credit agency and part of the Department for International Trade. Its mission is to ensure that no viable UK export fails for lack of finance or insurance. It is a core part of the Exporting is GREAT campaign, which seeks to encourage companies into exporting more, inform them about the support that is available and spur them into action. In the last financial year alone, UKEF provided £2.5 billion for UK exports, helping close to two hundred companies grow – 77% of which were SMEs – by meeting the increasing global demand for UK products and services.
How can UKEF help?Even if you have a great product or idea, sometimes an exporting business can run into trouble if you cannot get the right financing from your bank. It may be that you don’t have the working capital available to take on the new contract; cashflow constraints could prevent you from taking on new business if you commit to the deal; or you might not be able to access credit insurance to sell to a new market from your normal provider. This is where UKEF can step in with a range of loans, insurance and bank guarantees that can help ensure that your exports happen. UKEF can help you:
- Win export contracts by providing attractive financing terms to your buyers
- Fulfil orders through supporting working capital loans
- Get paid by offering insurance against buyer default
“In 2016, ES Global was invited to bid on a high-profile contract to work on the Jakarta Velodrome for the Asian Games 2018, but the company struggled to secure insurance for the $19 million contract to cover the deal from the private market.”UKEF provided the solution by offering an Export Insurance Policy and a guarantee on a bank loan. This meant ES Global had both the confidence and capital it needed to offer its buyer the competitive terms required to secure the multi-million-dollar project.
“The support we’ve received from UKEF has been brilliant. This is the third project UKEF has helped us on and without them, I’m not sure we could’ve taken on those contracts. UKEF makes the risks of exporting much more manageable and I can’t recommend its products enough”. – Olly Watts, ES Global
How you can get the Exporter’s EdgeRegardless of size or sector, UKEF can help your business export to over 200 markets around the world.
“UKEF was named the world’s best export credit agency for 2017 by readers of Global Trade Review and Euromoney’s Trade Finance and has nearly 100 years of experience helping UK businesses achieve exporting success.”UKEF has a network of export finance managers located around the UK, so why not contact your local manager or visit www.great.gov.uk/get-finance and find out how you can get the Exporter’s Edge.
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