Could UK Export Finance help your business?
UK Export Finance are the UK’s export credit agency and a government department, working alongside the Department for International Trade
They help UK companies access export finance (the particular class of loans, insurance policies or bank guarantees that enable international trade to take place as easily and securely as possible). They complement not compete with the private sector.
Their job is to:
• win export contracts by providing attractive financing terms to their buyers
• fulfil contracts by supporting working capital loans
• get paid by insuring against buyer default
They support exports for any size of company and across all sectors, from capital goods to services and intangibles such as intellectual property. Their export finance managers provide free and impartial consultations. They help UK companies to check they are getting the appropriate support and, if not, explore how to bridge any gaps.
UK Export Finance recently helped Rautomead export to China. They guaranteed over £1 million worth of financing for the Dundee-based firm to supply machinery to specialist Chinese metals manufacturing company in Xian.
Rautomead manufactures continuous casting technology for non-ferrous alloys. It has been exporting worldwide for 35 years. The company’s continuous casting machine will be used to produce complex copper chrome zirconium alloy rods at Shaanxi Sirui’s factory in Baoji City.
To support their overseas sales activity Rautomead used our Supplier Credit Financing Facility, which allows UK companies to get paid on dispatch for their exports whilst letting buyers benefit from deferred payment terms.
To secure the deal, UK Export Finance provided a guarantee to the London Forfaiting Company, enabling the lender to pay Rautomead 85% of the contract value after dispatch and collect repayments from Shannaxi Sirui over five years.
If you are exporting and you have projects needing support it may be worth contacting UK Export Finance to see if they can help your business.