According to UK Export Finance’s (UKEF) latest annual report and accounts, published on 20 June 2018, export wins of over £44 million have been achieved from Northern companies through £10 million worth of support and trade insurance products.
Overall UKEF has provided £2.5 billion of support for UK exporters this financial year, resulting in 191 companies selling to 75 overseas markets around the world. 77% of these companies were small and medium sized enterprises (SME).
One of these companies was Northern based Leisurewear International which won a high value contract from a Libyan buyer. UKEF has provided an 80% guarantee on a working capital loan from the business’ bank. In addition, they provided their support and services for Leisurewear’s export sales to China, Venezuela and the Ukraine.
Financial Director at Leisurewear, Yamin Ibqui said:
“Not only has UKEF helped us secure individual export deals, it has boosted our cashflow flexibility, giving us the capacity to buy a bigger range of products and sell in markets we haven’t been able to previously due to lack of available support.”
The Minister of State for Trade and Export Promotion Baroness Fairhead commented:
“UKEF’s results for 2017-18 once again show that when companies take advantage of its support, the effects on their business can be transformative. By providing innovative and flexible finance and insurance, the government is helping British businesses, big and small, realise the value they bring to the international marketplace
“The range of exports supported by UKEF demonstrates that the UK’s exporters have a truly world-class export credit agency behind them – and that’s why the government’s forthcoming Export Strategy will deliver on our commitment to put UKEF at the heart of trade promotion.”
Since 2011 UKEF has helped companies to export and supported £4.1 billion in export contracts through its trade finance products.
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.
It works with 70 private credit insurers and lenders to help UK companies access export finance (the particular class of loans, insurance policies or bank guarantees that enable international trade to take place as easily and securely as possible). They exist to complement not compete with the private sector.
Continue reading for more on UKEF support and services.