UK Export Finance (UKEF) is rolling out new support to help smaller businesses boost their international sales, the government announced as part of its Trade Strategy. The export credit agency introduced a Small Export Builder option to make export insurance easier for small firms that need financial protection when trading abroad. They’re also launching a Repeat Order Guarantee so international buyers can keep ordering from trusted UK suppliers without filling out paperwork every time.
The changes come as the government tries to help businesses expand overseas and reduce red tape. UKEF has an £80 billion budget to help exporters get orders, create jobs, and get paid. The new insurance option targets smaller companies that often struggle to access export finance.
Trade Minister Douglas Alexander said the government’s Trade Strategy backs businesses with practical tools to grow exports and support key industries. “This new approach to trade policy is guided by our pragmatic patriotism,” he said. “We will promote what we can and protect what we must to advance the UK’s national interest.”
The Repeat Order Guarantee should help businesses plan ahead and give more certainty to UK supply chains by cutting down on repeat applications.
UKEF CEO Tim Reid said the agency focuses on putting customer needs first and making export finance easier to use. “Our updated insurance offer and Repeat Order Guarantee are fantastic additions to our portfolio,” he said. The new products support long-term export growth.
In the 2023/24 financial year, UKEF backed over 650 businesses with more than £8.8 billion in support, helping sustain up to 41,000 jobs across the UK and contributing £3.3 billion to the economy.
