What kind of government support is available to businesses that are ready to export? 

01/06/2018 07:19


As the UK moves ahead with Brexit and inches closer to exiting the European Union, there will be an increased emphasis on how much business the country does abroad. This means a greater focus on exports to new trading partners, and an increased flow of goods to already established markets like American and China.

Luckily for businesses in the UK that export, the government is putting its best foot forward in nurturing and helping exporters grow and find success.



Access to Finance


Back in October 2017, the government came up with a plan to enable SMEs in the UK to access funding from banks to boost their export potential. Via the Bond Support Schemeand the Export Working Capital Scheme, the aim was to make it quicker and easier to obtain much needed finance. Backed by the UK Export Finance Initiative, these finance tools are now even easier to access and deliver funds at a much quicker pace.   

Instead of weeks waiting for funding, UK exporters can now access finance in minutes. The government has worked with lenders to reduce paperwork – doing away with the government’s own UKEF forms – and harmonise bank applications for export with the government’s own regulations. Now exporters applying for finance interface with the bank only and they check the application against UKEF’s criteria. This means that banks can vet an application against UKEF guidelines and approve on the spot.

At the same time, the government has created a streamlined digital service through which all finance transactions flow. This means less paperwork and less time spent on the minutiae of finance deals.



Practical Support


The barrier for many businesses seeking to export is often red-tape. It can be a hard process working out what finance or schemes are applicable to the business at hand and many SMEs are often wary of sinking time into something that might not ultimately be relevant to them. The government has also noted this and responded accordingly.

‘Exporting is GREAT’ is the UK government’s effort to provide a comprehensive, one-stop-shop for exporters, from the new to the established. They have specific sections covering everything from guidance to assessing export readiness to finance options. 

They also offer in-depth sections on business planning and marketing. The scheme and attendant site is a great portal for seeing the various forms of finance and support available for those businesses ready to export.

There has probably never been a better time to start exporting or, indeed, to expand existing operations. The government is fully behind exporters and the range of advice and finance out there is comprehensive.


Don’t forget, GIC Capital also provides business finance and can help you realise your growth ambitions. Contact us to find out more. 

We aim to deliver much needed capital to start-ups and SMEs

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