Export finance boost backdrops GM international trade event
4 March 2021
Following the launch of a new loan guarantee scheme for importers of UK goods, an online event on 9 March will explore the opportunities to boost international trade in Greater Manchester.
Insider’s Taking Greater Manchester Global online forum, hosted in partnership with the Department for International Trade, will explore how Greater Manchester can scale up export growth beyond 2021.
An expert panel of speakers will discuss an international trade strategy for the region and how to take advantage of the digitalisation and decarbonisation agendas in manufacturing.
The event follows the launch of a new scheme to help overseas buyers access financial support for importing UK goods.
The new Standard Buyer Loan Guarantee (SBLG) from the UK’s export credit agency, UK Export Finance (UKEF), will provide finance to buyers up to the value of £30 million. The government will guarantee repayment, ensuring that UK exporters get paid upfront to fulfil a contract and their buyers benefit from flexible repayment terms.
The new scheme is part of an overhaul to make UKEF’s credit support more accessible, particularly to SMEs. UKEF is now working with a range of new lenders to issue loans backed by the SBLG.
In 2019, UKEF launched a General Export Facility to improve support for smaller businesses and those with shorter manufacturing cycles.
Graham Stuart, Minister for Exports, said:
“The UK is one of the world’s top five exporting nations, supporting well-paid jobs in every region and nation across the country. We are determined that this should continue, so this new scheme from our world-leading export finance agency, UKEF, will help our exporters reach buyers they would otherwise miss - and build back stronger from the pandemic.”