UK Export Finance has provided businesses with £6.5 billion in the past year
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June 29, 2023
Hundreds of UK businesses ranging from suppliers of solar batteries to life-saving medical equipment have benefited from £6.5bn in UK Export Finance (UKEF) support over the last year to break into international markets and grow – supporting up to 55,000 UK jobs and contributing billions of pounds to the economy.
As the UK’s export credit agency, UKEF provides government-backed loans, guarantees and insurance so firms across sectors like life sciences, clean energy and advanced manufacturing can grasp overseas export opportunities that they couldn’t otherwise access. This directly supports the Prime Minister’s priority to grow the economy and create higher-paid jobs, and the UK’s objective to reach £1trn of exports per year by 2030.
The value of all UKEF support added up to £4.1bn to the economy in the last year. Since 2021, UKEF has provided £13.9bn to businesses and supported up to 127,000 jobs.
Overall, UKEF is now supporting more SMEs than at any time in the last 30 years. 84% of firms directly supported with a UKEF product were small and medium-sized businesses, while 82% are located outside of London.
Business and Trade Secretary Kemi Badenoch said: “Whether it’s supporting the construction of hospitals in Africa or supplying next-generation all-electric quad bikes to North America, demand for British products and services remains high.
“UKEF is playing a major role in connecting local firms from all corners of the UK with exciting opportunities beyond our shores where their expertise is needed.
“Trade successes like those delivered by UKEF over the last year are hugely important towards delivering our £1trn a year exports target by 2030.”
Many of UKEF’s SME customers over the last 12 months were supported through its General Export Facility – a platform that gives smaller firms access to trade finance options up to £25 million, without the need for a specific export contract.
UKEF’s capacity has been raised by £10bn to £60bn in 2023-24 to help even more businesses to export. Over the coming year, UKEF will continue to innovate and expand its reach to support as many businesses as possible, maximising the impact of its support on individuals and communities in the UK and around the world.
UKEF has also launched a new business-friendly website to make it easier for firms of all sizes to find out more about its services on offer, and to access the finance they need to grow.
