British businesses across the country have been given access to new support through a multi-billion-pound increase in UK government-backed financing as the world enters a new era of global trade.
The new package will give UK Export Finance (UKEF) the power to expand financing support for British businesses by £20 billion, with small businesses also able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.
UKEF will also offer businesses partial loan guarantees through more flexible uses of its Export Development Guarantee, helping to mitigate the impact of new tariffs and associated economic uncertainty. Of the £80 billion, up to £10 billion will be allocated to ensure that businesses significantly impacted in the short term by the current situation have access to the finance they need to grow.
The British Business Bank will also expand its Growth Guarantee Scheme by £500 million, which will provide vital finance for smaller businesses as they look to invest and grow. This scheme provides the lender with a 70% government-backed guarantee against loans or other types of finance, enabling lenders to support smaller businesses that would struggle to obtain financing through traditional means.
For further information please select the following links:
- Government steps in to back British business in changing world - GOV.UK
- Export Development Guarantee - UK Export Finance
- Growth Guarantee Scheme (GGS) | British Business Bank
Take a look out our Export Hub where you can find further information on Tariffs.
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