UK export credit agency ECGD is now operating under the name UK Export Finance due to feedback from small and medium-sized enterprises (SMEs).
The name change follows the ECA’s introduction of new products this year, including the bond support scheme, which provides partial guarantees to banks under a master bond support agreement, and the short-term credit insurance product, which was extended to SMEs in March this year.
A spokesperson for ECGD explains to GTR that when the ECA launched its new products, which are primarily aimed at smaller companies struggling to obtain the full support needed from private markets, it received extensive customer feedback from exporters.
“Exporters and SMEs in particular felt that the name ECGD didn’t reflect our policies and what the government was offering. Additionally, many of the SMEs didn’t associate ECGD with helping smaller exporters, and even found the name off-putting.
“Overall we found that many people felt that the name sounded too technical and inaccessible. We want to make sure that all exporters who need our support can approach us,” the spokesperson adds.