Newable becomes first non-bank lender accredited under UKEF programme
Newable Business Loans, part of Newable, has been accredited under UK Export Finance’s General Export Facility (GEF) programme; allowing more businesses to access export finance.
The General Export Facility (GEF) was launched in December 2020 and was first available in March 2021, designed to provide exporting SMEs access to working capital support through their COVID-19 recovery journey.
Announced last week by Minister for Exports Mike Freer at the annual UK Trade and Export Finance Forum, over £120 million worth of loans have now been issued to UK exporters using the export finance scheme, which has made UKEF’s support more flexible and accessible for SMEs.
Minister for Exports, Mike Freer said: “The General Export Facility introduced last year has been a remarkable success. Since the facility was made available in March, more than £120 million of UKEF backed finance has been issued. Boosting businesses in sectors from online retail to renewable energy GEF is a fantastic proposition for businesses looking to grow and export. But we need to make sure more businesses access it. That’s why I am pleased to announce that Newable has become the first non-bank lender accredited to the scheme.”
Philip Reynolds, MD – Lending at Newable, commented: “Being the first non-bank to be accredited under the GEF scheme is a huge step forward in improving smaller businesses’ access to funding to support export growth. With around 1 in 10 UK SMEs currently exporting, there is a huge opportunity to continue to develop the UK’s export capability.”