20
UKEF said that from next month (October 2020), it will introduce a general working capital...
Conclusion
UKEF said that from next month (October 2020), it will introduce a general working capital facility, which will be more usable for smaller exporters. It will enable them to go to their bank and get UKEF support for their total export working capital requirements rather than linking this support to a specific export contract. UKEF hopes that this more flexible product will be a real driver of the number of small businesses that benefit from its support.47
Government Response
Not Addressed
Government Response
Not Addressed
HM Government
Not Addressed
5.5 The government agrees with this recommendation. Target implementation date: September 2021 5.6 UKEF launched the General Export Facility (GEF) in December 2020 following conclusion of negotiations with the five banks currently operating the delegated schemes. By providing a product that better fits with how banks lend to SMEs, the GEF may lead to a step change in the number of SMEs who receive UKEF support. 5.7 UKEF has refreshed its “Exporters Edge” marketing campaign, which raises awareness of UKEF among exporting SMEs. Promoting the uptake of GEF and other SME-focused products will be a central part of the campaign, working with UK banks and other industry partners. 5.8 At the beginning of 2020, UKEF adjusted the terms of its agreement with the banks to provide delegated authority for its trade finance products, streamlining delivery and making it easier for the banks to lend. 5.9 On the buyer finance side, UKEF has set up a new team to look at smaller transactions. This team is focused on improving these products to make the terms more straightforward, in turn opening up funding from new lenders that are better placed to operate in the SME space.
Source
Committee
Public Accounts Committee
Report
Twenty-First Report - Government support for UK exporters
28 Oct 2020
HC 679
Addressee Bodies
HM Treasury
Timeline
Recommendation age
5.6 yrs
Report published
28 Oct 2020