Dr. Liam Fox, Secretary of State for International Trade, has announced steps to unlock finance for UK SMEs when exporting to emerging markets.
Major plans announced by the Secretary of State for International Trade to support UK SMEs when exporting to emerging markets
Dr. Liam Fox, Secretary of State for International Trade announced a financial package to support UK SMEs, with the objective of providing small businesses with confidence to trade in overseas markets.
These major plans are the first of its kind and will be administered by UK Export Finance. The package includes financial support to the overseas supply chains of UK SME exporters and contribution towards the frictional costs incurred by UK SMEs when exporting overseas.
UK Export Finance will guarantee the loans of overseas buyers and provides general financial support to the working capital requirements of UK SME exporters (rather than support provided to a specific export deal).
These measures have come as a result to provide trading confidence to those currently trading in overseas markets. In addition, UK Export Finance estimates that there are 400,000 UK businesses that can export but don't; these initiatives are designed to encourage these businesses to trade in emerging markets.
The major steps are welcomed and are one of a number of ministerial led initiatives designed to provide confidence to UK SME despite uncertain macroeconomic indicators.
The financial package available to UK SME exporters is welcomed by Purbeck Insurance.
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