UK’s export credit agency, UK Export Finance, in its annual report and accounts for 2021-22, has revealed that they had provided £7.4 billion to UK businesses for the purpose of exports, with 81 per cent going to SMEs, totalling £6 billion, as part of their support.
The UK Export Finance improved their small business offering by fully deploying the General Export Facility to support a wider range of SMEs, during which, they provided £180 million of support, 92 per cent of which went to SMEs.
For the year ahead, UK Export Finance has pledged to continue widening the availability of the General Export Facility with new delivery partners, as well as utilising the Export Finance Manager network to reach a greater number of SMEs whose turnover is less than £10 million a year.
"SMEs are the lifeblood of the British economy and it’s encouraging to see billions of pounds of support to enable businesses to expand overseas and boost international trade. The Covid-19 pandemic had a huge impact on supply chains, resourcing and prevented many ambitious companies from achieving their goals", commented Dominic Duru, co-founder, DKK Partners.
