Exporting is favoured among small businesses

Posted on 14 July, 2016 by Steph Cowie

The annual report by UK Export Finance has seen that 77 per cent of the exporters that had benefited from UKEF finance and insurance, were medium size firms and small businesses.

Exporting is favoured among small businesses

It is estimated that there are 7,000 firms in exporter supply chains that also indirectly benefited.

Overall, UKEF and their support saw more than £800 million in sales overseas via its SME targeted trade business products, with the added £1.8 billion in export support.

The government’s “Exporting is GREAT” campaign drive to empower 100,000 new businesses to trade overseas by 2020, was announced a year ago and seems to be working.

The Minister for Trade and Investment, Lord Price, said: “Exporting can help businesses grow, and grow fast”.

He continues to say “UKEF is helping to make exports happen” which is increasing jobs and profits that can only benefit the UK.

Louis Taylor the CEO at UKEF, said: “UK Export Finance’s mission is to ensure that no viable UK export should fail for lack of finance or insurance from the private sector.

“This year’s results show that we are making significant progress in reaching a wider customer base. We will continue to be innovative and flexible, anticipating the needs of exporters and finding ways to meet them.”

The UKEF has helped UK firms export to 69 countries with a 23 per cent growth in the number of companies that have directly benefited from its support.

With support from UK Export Finance, over £800 million new UK export contracts were produced via trade finance products. Nearly £3 billion of UK export contracts have been supported by these products since being introduced in 2011 after the downturn.

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