12 July 2016
More SMEs supported in exporting services
Britain's export credit agency has helped to support more small businesses selling their products and services in other countries, a new report shows.
According to UK Export and Finance (UKEF), the number of exporters supported in 2015-16 was the highest since the early 1990s, and 23% up on the previous year.
More than three quarters (77%) of those it helped were small and medium-sized enterprises (SMEs).
UKEF's annual report estimates a further 7,000 businesses in the supply chain benefited indirectly from the SME-targeted finance and insurance it provided.
The report says UKEF issued £1.8 billion worth of support, helping to generate over £800 million worth of new export contracts in more than 60 countries.
Transport and investment minister Lord Price says the agency is now supporting "more exporters than ever before".
Its success, he adds, is contributing to the Government's drive to help 100,000 new exporters by the end of the decade.
Louis Taylor is UKEF's chief executive officer. The agency strives, he says, to make sure that viable exporters get the finance and insurance they need to sell overseas.