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SMEs with Export Ambitions can Access £2m of Government-Backed Trade Finance

UK Export Finance (UKEF) has launched a new partnership with five major high street banks to allow smaller businesses to access millions of pounds in government-backed trade finance.

UKEF, as part of the Department for International Trade, provides financial support to help UK companies sell to international customers. 

The new partnership with Barclays, HSBC, Lloyds, RBS/NatWest and Santander was initially agreed in July. 

For the first time companies which supply exporters will be able to access UKEF-backed finance to help them to become part of major export contracts.

The partnership is able to offer finance for up to £2m and SMEs can access UKEF support directly from their bank quickly and efficiently, without the need to apply separately.

Where previously it could take weeks in addition to the banks’ own turnaround times to access this support, it will now take a matter of seconds where an application for finance is eligible.

UK SMEs that aren’t yet selling overseas but are supplying products directly to those who are, will also be able to qualify for UKEF support.

More information here.

The Berkshire Growth Hub is working with the Thames Valley Chamber of Commerce to provide a fully funded, half-day Masterclass on International Trade. High growth Berkshire SMEs can book at no cost here.

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