UK Export Finance (UKEF) has announced new measures to support small businesses across the UK to expand their global trade operations and to fulfill key commitments set out in the government’s new trade strategy.
As the government’s export credit agency, UKEF is strengthening its suite of trade finance and insurance products to make international trade more accessible, efficient and secure, especially for small businesses.
In today’s main announcement:
• Small Exporter Builder: A new export insurance option designed specifically to help small companies manage risks when trading overseas, provide financial protection and confidence in uncertain markets.
• Repeat Order Guarantee: This simplified product allows international buyers to place orders with trusted UK suppliers without completing the full application process every time. By cutting down on traditional tape festivals and providing greater certainty, the move aims to improve cash flow, improve supplier plans and strengthen UK-based supply chains.
These initiatives are a broader push by the Ministry of Commerce and Trade to simplify trade in UK companies, especially in the high-growth sector identified in the government’s plan of change.
Trade Minister Douglas Alexander said: “This new, stubborn, data-driven and agile approach to trade reflects our practical patriotism. In a changing and challenging world, we must promote what we can and protect everything we must ensure the British national interest.
Through our new trade strategy, we provide businesses with more tools to scale, export and thrive – UKEF plays a central role in helping exporters win orders, create jobs and secure payments. ”
UKEF CEO Tim Reid added: “We focus on having a measurable impact on UK businesses and making their needs at the heart of what we do.
Our updated insurance products and new repeat order guarantees will enable more exporters to grow globally with confidence and ability. We are streamlining opportunities to gain important support and support long-term export growth. ”
UKEF’s expanded product portfolio is the basis for a wider remittance support, and the agency is now authorized to provide up to £80 billion in support to UK exporters. The upcoming 2024/25 annual report and account is expected to showcase further results of UKEF efforts soon.
In 2023/24, UKEF provided more than £8.8 billion in support to 650 companies, provided up to 41,000 jobs in the UK and contributed £3.3 billion to the national economy.
With the help of new export tools, UKEF’s goal is to unlock more opportunities for UK companies to grow in overseas markets to ensure the UK remains globally competitive in areas such as clean energy, life sciences, defence, digital and advanced manufacturing.
