British exporters to be given greater access to finance as UKEF strengthens support for Ukraine
UK exporters set to benefit from wider eligibility and faster access to government-backed finance of up to £15 million through UK Export Finance’s General Export Facility
HM Treasury, 1 Horse Guards Road
- Changes will widen access to the scheme, helping more businesses – particularly smaller firms – beginning their exporting journey to secure the working capital they need to grow overseas
- UKEF’s financial capacity for Ukraine to rise by £3 billion to £6.5 billion, enabling further support for priority projects and British exports
Smaller businesses will find it easier to access millions of pounds of government-backed finance to grow their exports under an expansion of UK Export Finance (UKEF) support announced in the Budget.
UKEF will work with participating lenders to implement an expansion of its General Export Facility (GEF), increasing from £10 million to £15 million the amount that lenders can automatically provide under the scheme without seeking transaction-specific approval from UKEF.
Eligibility will also be widened to bring more businesses seeking to grow their exports within reach of UKEF support. Once introduced, the new measures will give participating lenders greater flexibility and speed to enable British firms to access the finance they need to invest, fulfil orders and compete in international markets.
Ministers also announced a significant increase of UKEF’s capacity to support Ukraine, providing a further £3 billion and taking its Ukraine cover limit from £3.5 billion to £6.5 billion. The proposal has been developed to support a growing pipeline of opportunities linked to Ukraine.
UKEF has remained open for business in Ukraine, helping mobilise finance for projects identified as strategically important to Ukraine while supporting jobs, exports and supply chains all over the UK.
Jonathan Reynolds, Secretary of State for Business, Innovation, Science and Trade, said:
Our support for Ukraine remains steadfast, and this increase in access to financing will back British business to support critical infrastructure across a range of sectors.
As Ukraine rebuilds, British firms will continue to play a crucial role in delivering the skills, technology and equipment needed to secure its future.
From protecting Ukraine’s skies to keeping its energy system running and rebuilding vital transport links, UKEF financing has supported Ukraine’s defence, energy and reconstruction needs.
This includes financing for more than 5,000 air-defence missiles from Belfast-based Thales, nuclear fuel supplied by Urenco in North West England, the reconstruction of six bridges in the Kyiv region using Scottish and Welsh steel and the supply of former Royal Navy mine-countermeasure vessels.
The additional capacity will allow UKEF to consider the next generation of projects critical to Ukraine’s defence and resilience, while strengthening opportunities for British companies to supply the equipment, technology, and expertise Ukraine needs.
The measures reflect UKEF’s greater mandate to drive growth through exports while supporting the government’s wider economic and strategic priorities.
With £130 billion of financing capacity, UKEF has greater scope to help British businesses compete overseas, support key industries and deliver financing for strategic partners including Ukraine.
Tim Reid, UKEF’s CEO, said:
These measures will put finance within reach of more UK firms, particularly smaller businesses, and help them move faster when export opportunities arise, so they can turn overseas wins into growth and jobs at home.
Our increased capacity for Ukraine will also help British businesses play an even greater role, supplying the expertise, technology and equipment the country needs for its defence.
Published alongside the Budget, a new collective offer from the public finance institutions (PuFIns) will bring together the support they provide, giving regional and local partners a clearer route into government-backed finance and expertise.