Find out about the Export Working Capital Scheme - how it works, which lenders are participating and how to apply.
The scheme assists UK exporters in gaining access to working capital finance both pre- and post-shipment in respect of specific export related contracts. UKEF can provide partial guarantees to lenders to cover the credit risks associated with export working capital facilities. Where a lender provides such a facility in respect of a UK export related contract, UKEF can guarantee up to 80% of the risk.
This means UK exporters can be more able to support an export transaction in circumstances where their lender does not have sufficient risk appetite for the full facility amount. This is particularly useful in circumstances where a UK exporter wins an overseas contract that is higher in value than they can typically fulfil or succeeds in winning more overseas contracts than it has done before.
There is no minimum or maximum value for the working capital facility.
To be eligible for support as an exporter, you must:
be carrying on business in the UK, Isle of Man or Channel Islands
have signed, or be intending to sign, a contract for the supply of goods and/or services with a company or other organisation that carries on business outside the UK, Isle of Man or Channel Islands
show that at least 20% of the value of your contract represents UK content, defined below1
To be eligible for support as a direct supplier to an exporter, you must fulfil the above requirements for exporters and also have a supply contract that qualifies as export-related, defined below2.
How to apply
Exporters and direct suppliers to a UK export contract should not contact UKEF directly. The scheme can only be accessed through lenders that have signed up to participate. They are listed below.
You will need to read the Guidance on Applying for the Export Working Capital Scheme (PDF, 100KB, 5 pages) and may need to complete an Exporter Questionnaire (PDF, 737KB) or a UK Supplier questionnaire (PDF, 1.85MB) . Please contact firstname.lastname@example.org for more information. The questionnaires may not be required for repeat business.
Support can be accessed for:
a single export contract. You should complete the standalone guarantee application form (PDF, 1.2MB) to receive this support
multiple export contracts with nominated buyers. You should complete the facility line application form (PDF, 1.41MB) to receive this support
a contract for a direct supplier to an exporter. You should complete the UK supplier standalone guarantee application form (PDF, 417KB) to receive this support
Once a UKEF guarantee facility has been agreed and a facility letter has been issued, individual guarantees can be requested by applying to draw under the same facility line (PDF, 1.44MB, 1 page) .
Eligible banks (Barclays, HSBC, Lloyds Banking Group, RBS/NatWest and Santander) can also use our online service to:
notify UKEF of bond or loan transactions eligible for UKEF’s guarantee
submit an application for a bond or loan transaction requesting UKEF’s guarantee
How the Export Working Capital Scheme works
The lender is protected, to the extent of our guarantee, against the failure of the UK exporter to repay amounts due under the working capital facility upon its expiry, cancellation or termination.
The guaranteed lender pays us a guarantee fee which is a proportion of the interest margin received from the UK exporter for providing the working capital facility.
Our export finance managers and underwriting staff seek to work with exporters to help structure transactions and prepare applications that have a good chance of being approved. However, on occasion we are unable to progress applications (for example if a case doesn’t meet our minimum risk standards). On these occasions we will explain our reasons for declining the application to the exporter.
The exporter has the right to appeal such a decision, which will involve a review of the application by UKEF officials not directly involved in the initial decision. The exporter will be informed of the outcome and how it was decided. The appeal outcome will be final.
Appeal a decision made by UKEF (PDF, 122KB, 1 page)
Find out how we make decisions on applications by reading our Guide for applicants on business processes and factors.
|ABN Amro||Carmen Jessurun, Head of Export Finance||00 31 20 email@example.com|
|Bank of Ireland||Willie McCoy, Senior Manager, Trade Finance Business Development||028 90 firstname.lastname@example.org|
|Bank of Scotland Plc||Dale Woodman, Product Manager, Trade Product||020 8936 email@example.com|
|Barclays Bank Plc||Mathew Enright, Vice President, Trade and Working Capital||020 7116 firstname.lastname@example.org|
|Clydesdale Bank Plc||John Brown, Head of Trade Finance||07464 494844||john.brown@CYBG.com|
|Danske Bank Northern Ireland (businesses based and registered in Northern Ireland)||Mark Beattie||02890 048 email@example.com|
|HSBC Bank Plc||Kamo Margaryan, Senior Trade Product Managerfirstname.lastname@example.org|
|ICICI Bank||Nishant Kumar, International Financial Institutions Group||020 7375 email@example.com|
|Lloyds Bank Plc||Dale Woodman, Product Manager, Trade Product||020 8936 firstname.lastname@example.org|
|London Forfaiting Company||Ian Lucas, Head of UK Marketing||020 7397 email@example.com|
|National Westminster Bank Plc||Chris Duggan, SolutionsLine Team||0800 firstname.lastname@example.org|
|The Royal Bank of Scotland Plc||Chris Duggan, SolutionsLine Team||0800 email@example.com|
|Santander UK Plc||Martin Hodges, Head of Trade||020 7029 firstname.lastname@example.org|
|State Bank of India UK||Paul Tromans, Area Branch Manager||01902 email@example.com|
|Yorkshire Bank||John Brown, Head of Trade Finance||07464 494844||john.brown@CYBG.com|
This information is not intended to be a comprehensive description of our Export Working Capital Scheme and many details which are relevant to particular circumstances may have been omitted.
1: UK content is the export or UK supply contract’s value less the cost to you of buying any goods and/or services from suppliers outside the UK, the Isle of Man or the Channel Islands, to be supplied directly to the buyer or otherwise ‘as is’. Materials and components in goods manufactured or assembled in the UK, the Isle of Man or the Channel Islands, which would be eligible for a certificate of UK origin from a British Chamber of Commerce are treated as UK content.
2: A UK supply contract will be export-related if (i) the buyer under the contract will export the relevant goods and/or services or use them solely in making goods, or performing services, which the buyer will export or (ii) you have received written confirmation from the Exporter that the relevant goods and/or services are required, entirely or to a material extent, to enable the Exporter to fulfil current and/or future export orders or (iii) we have agreed with you in writing that it is an export-related supply contract.
Published: 24 April 2013
Updated: 16 October 2017
- Updated following announcement that small businesses can now access government-backed export finance directly from their banks.
- Change to Security of Information Arrangements
- First published.