UK Export Finance is ‘open for business’ with billions available for exporters

The Minister for Exports, Mike Freer, said the UK has signed deals with 70 countries and coupled with the UK Export Finance’s £50 billion capacity, he is confident it will help stimulate an export revolution.

Mr Freer was speaking on Wednesday (8 December) at the fourth annual UK Trade & Export Finance Forum hosted by UKEF.

He said the push for small businesses to enter the export market is part of the Made in the UK, Sold to the World strategy, which has set a target of reaching £1 trillion worth of UK goods sold overseas and quadrupling global trade by 2050.

“There are huge areas of untapped export potential across the UK. One in seven firms with a turnover over £500,000 are not exporting and could be. UKEF is here to help change that,” Mr Freer said.

The UKEF has provided vital support to businesses during the pandemic, Mr Freer added, filling the gaps in private sector provision at a time of seismic shifts in the global economy.

“The UKEF is now ready to support the economic recovery by helping businesses build back better than ever before,” Mr Freer said.

“Over the last 18 months, UKEF has been agile and responsive to the needs of the market. The department underwent radical changes and emerged stronger. But it has billions of pounds remaining.”

The UKEF has issued £123 million to over 60 businesses as part of its new General Export Facility (GEF) since March 2021.

To boost the economic support, Mr Freer said UKEF has joined forces with Newable that has become the first non-bank lender accredited to the scheme, widening UKEF’s reach among UK SMEs.