Enterprise growth through export finance is a game-changer. UK Export Finance plays a pivotal role in facilitating this transformation. Let's explore how.

Unlock Global Potential with UK Export Finance

UK Export Finance: A Catalyst for Business Growth

UK Export Finance (UKEF), the UK government's export credit agency, is at the forefront of helping businesses expand globally. It provides attractive financing terms for buyers, enabling UK firms to win export contracts and fulfill them with working capital and trade finance. This support is crucial as it allows businesses to tap into the enormous opportunities offered by global markets. As Tim Reid, UKEF's CEO, said, "We want to support more UK firms to win export contracts and invest in their export capability."In 2023/24 alone, UKEF provided £8.8 billion in loans, guarantees, and insurance policies. This substantial support helps small businesses like Premier Ship Models access the necessary funds and guidance to grow. Premier Ship Models, founded by Rashid Lalloo in the early 2000s, faced challenges when exporting. UKEF has been a valuable partner since 2017, helping with contract management and working with suppliers worldwide. Craig Green, the export finance manager, has played a crucial role in this process.

Supporting Ethnic Minority-Led Businesses

Ethnic minority-led businesses often face higher barriers to accessing finance. UKEF is taking steps to address this issue. It is increasing visibility at events within networks and support groups for women and underrepresented communities. Targeted marketing campaigns are also being developed to raise awareness of UKEF support. Premier Ship Models is a prime example of how UKEF can help these businesses. Rashid Lalloo had to personally deliver a model ship to New York due to the complexity of the export contracts. UKEF's support has made a significant difference.Since 2020, UKEF has steadily increased its support for small businesses, with more than half of the businesses it assists being small. The General Export Facility (GEF) product is a key initiative that offers businesses flexibility to access finance without a specific export contract. This has helped businesses like Premier Ship Models grow and expand internationally.

Focus on Underrepresented Communities and Regional Growth

UKEF is committed to ensuring that all businesses have equal access to export opportunities. It has expanded its network of private sector partners, working with both banks and non-bank lenders to reach more small businesses. Regional Export Finance Managers based around the UK provide free and impartial consultations to businesses on their export finance needs. In 2023, 80% of the small businesses backed by UKEF were based outside London, highlighting the agency's focus on regional diversity.The real-world impact of UKEF's work is evident in job creation, support for net zero initiatives, and infrastructure projects. As the global economic landscape evolves, UKEF is ready to adapt and innovate, ensuring that UK businesses have the support they need to thrive.Looking ahead, UKEF has ambitious plans. It aims to assist 1,000 small businesses annually by 2029 and support £10 billion in new clean growth initiatives. These goals demonstrate UKEF's commitment to driving inclusive growth and supporting businesses of all sizes.In conclusion, UK Export Finance is a powerful tool for unlocking a business's export potential. It provides the necessary support and resources for businesses to grow and succeed in the global marketplace. With its focus on inclusivity and innovation, UKEF is set to play a crucial role in the future of international trade.