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“To deliver growth, level up the country, and future proof our economy, we need to export more. That’s why UKEF helps businesses of all sizes to expand and start their exporting journeys….In the last year UKEF has provided record support for small and medium businesses across the UK and I am committed to building on this momentum,” Bowie said in an official release.
UK Export Finance today launched a product to help support small and medium enterprises through challenging market conditions. Announced by minister for exports Andrew Bowie, the new Bills and Notes product is now open to guarantee payments by overseas buyers and will be available to more financial institutions with a simpler, more streamlined process.
Bills and Notes are a standard method of payment where money is due under bills of exchange or promissory notes. UKEF has now improved its offer to enable overseas buyers of UK goods to benefit from extended payment terms structured using these methods. It means small UK businesses can get paid more quickly and easily for their exports. This helps with crucial cash flow and liquidity.
As part of its wider package of support for SMEs, it is the latest announcement by UKEF in its mission to remove barriers to trade. Through partnerships with specialist lenders, UKEF can now support a greater range of UK exporters – including those with smaller transactions – by arranging tailored, deferred payment facilities for companies worldwide.
In 2021-22, 81 per cent of companies supported by UKEF were SMEs, a new record for UKEF, which offered support worth £27 million to ensure UK SMEs got paid upfront to fulfil export contracts.
Fibre2Fashion News Desk (DS)
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