EAMA believes that ‘UK Export Finance should be on the checklist of all UK manufacturing and engineering firms that export.’
UK Export Finance ran its first webinar on January 24rth, working alongside the Engineering and Machinery Alliance. UKEF is a government department that provides game-changing, practical support to UK exporters, helping them win, fulfil and get paid for export contracts.
EAMA believes that UKEF should be on the check-list of all exporting manufacturers in the UK – which is clearly not the case at present. The webinar aimed at getting the service and its value much better known.
Phill Potter - senior export finance manager in charge of UKEF’s Midlands region - gave an overview, including an ‘export risk ladder’, and noted that UKEF:
- exists to ensure that no viable export fails for lack of finance or insurance
- works for all firms, regardless of size – 77% of its support goes to SMEs
- advises firms free-of-charge
- is well-funded
- and has specialist managers around the country ‘with desire and determination’ to do more to support firms. But they must be asked!
UKEF works through the major banks but can be contacted directly, not least if firms feel their local bank is less aware of what UKEF offers than they should be. It was telling that, during the webinar, a manufacturer messaged that he had asked a UKEF specialist to attend a meeting he’d had with his bank the day before, and was ‘very glad’ that he had done so.
Craig Green - export finance manager for Hertfordshire and Buckinghamshire - went through the UKEF product offering, including:
- trade finance and how it can help cash flow/working capital
- bond support guarantees and insurance products
- major project meetings for potential suppliers
- examples of how UKEF helped to transform firms’ export performance
EAMA - an alliance of 13 trade associations - exists to work with and lobby government (and others) in order to influence policy and implementation, not least on export support. To help make sure UKEF is as effective as possible, please let us know how you get on – what works well, what works less well. Email: firstname.lastname@example.org.