UK Export Finance (UKEF), the country’s official ECA, has entered into a new partnership with the British Chambers of Commerce (BCC).
The partnership is designed to support UK exporters and the BCC’s online export platform, Export Britain, which showcases opportunities in key international markets – linking UK exporters to the support available from British Chambers and business groups in the UK and around the world.
David Riches, executive director of commercial services at the BCC, says: “We are delighted to welcome UK Export Finance as a partner in the work of the BCC and the Accredited Chamber Network in supporting UK SME exporters.
“UK Export Finance has been working closely with Accredited Chambers of Commerce across the country for some time, and this new partnership will help to ensure that the valuable support they provide is accessible to even more exporting businesses as they look to penetrate high-growth markets across the world.”
Paul Croucher, head of trade finance and insurance solutions at UK Export Finance, adds: “Partnering with the BCC reinforces our commitment to playing a key role in the UK’s export-led economic recovery, by forging strong partnerships and collaborations with exporters, trade and business associations and the financial sector, including banks.
“The challenge is to make sure that we maximise our potential in complementing ¬ not competing with ¬ the private sector. Since 2011, when a series of new products and services were launched aimed at the SME market, we have backed almost £1bn of export contracts to over 65 markets, of which around £150mn of export contracts were supported through our Export Insurance Policy.”
UK Export Finance aims to help SMEs and mid-market exporters by sharing financial risks that the private sector is unable to shoulder alone.
Providing guarantees and insurance policies that complement those on offer in the private sector, as well as guidance on sources of export finance, UK Export Finance’s products and services include working capital schemes, bond support and letters of credit guarantees.