The amount of British SMEs moving into the global market continues to grow and if you’re like many small business owners considering exporting then you should become familiar with UK Export Finance.
The UKEF is the export credits guarantee department of the UK government and it has just released its annual report and accounts highlighting the £800m worth of contracts it helped finance. SMEs largely benefited from credit and insurance products from the UKEF last year with 77% of the £800m in contracts signed coming from small to medium sized businesses.
“Exporting can help businesses grow – and grow fast,” said Lord Price, Minister for Trade and Investment. “The statistics show that in the first two years of exporting alone, a business can grow by up to one-third. That means more jobs, more profits, more tax revenue and more benefit to society.”
However when it comes to small business the report suggests that access to finance is still a major barrier as 1 in 4 small businesses are using credit cards to finance their exporting efforts — a statistic that the UKEF hopes to improve upon.