UK Export Finance Grants £6 Billion Support to SME Exporters
As per the latest news, UK Export Finance ie. The UK's export credit agency has recently granted funding of £6 billion to the UK SME exporter throughout the year, as a contributory step towards their agenda of dominating Britain's free trade.
In UK Export Finance’s Annual Report and Accounts 2021-22, it was uncovered that funding of £7.4 billion has been provided to the UK’s businesses to accelerate exports, out of which 81% is reserved for SMEs, totaling £6 billion.
As of now, UK Export Finance further developed their small business contribution by incorporating the General Export Facility focusing on a wider range of SMEs, during which, they granted £180 million of funding, out of which 92% was reserved for SMEs.
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For the year ahead, UK Export Finance is now looking to keep broadening the availability of the General Export Facility with new delivery associates, as well as availing the Export Finance Manager network to cover the maximum number of SMEs whose turnover falls under £10 million annually. No doubt that trade finance is important for SMEs.
Anne-Marie Trevelyan, Secretary of State for International Trade, and Mike Freer, Parliamentary Under-Secretary of State, explained in a joint statement:
“Small and Medium-sized Enterprises (SMEs) are enjoying the benefits from the new General Export Facility with approximately £250 million of working capital loans.”
“The new expanded Export Development Guarantee is also facilitating financing security to many of the UK’s biggest exporters, with billions of pounds now granted, and to the thousands of organizations engaged in the supply chain.”
Serial entrepreneur and founder of business launchpad platform Start My Business, Shoaib Aslam remarked:
“In the present economic disruptions, various start-ups and SMEs are in desperate need of financial aid. So it will be interesting to witness the contribution provided by the UK Export Finance over the last year. Financial Support, especially, can help restructure successful small businesses and provide a required boost.”
“Although, startups and SMEs should also strive for the support apart from the government as well, depending on both the services and guidance of other small ventures to ensure the small business economy prospers collectively.”
Dominic Duru, co-founder, DKK Partners explained:
“SMEs are the accelerator for the British economy and it’s appreciative to witness billions of pounds of financial aid to empower businesses to extend overseas and boost global trade. The Covid-19 pandemic had a noticeable influence on supply chains, and resourcing and prevented numerous organizations from accomplishing their objectives.”
“Moving forward, it’s time to avail this potential, by giving progressive businesses the access and financial aid they require to boost trade overseas, especially in emerging markets, which in turn will surprisingly improve the economic condition of UK PLC.”