UK Export Finance (UKEF) is making its credit insurance easier to access.
UK firms applying for government-backed export insurance can do it more simply and quickly thanks to a new online portal now available on GOV.UK.
UKEF, the UK Government’s export credit agency, has launched the new online portal for credit insurance applications.
For the first time, businesses can apply for government export insurance without having to complete a PDF form, improving access to international trading opportunities.
The new portal significantly shortens the application process, said UKEF, making it easier for businesses to apply for and ultimately get the support they need to export.
UKEF’s export insurance product has protected hundreds of exporters from non-payment risk, giving them the confidence to deliver high-value export contracts.
This is particularly valuable for SMEs, which may face greater challenges securing private-sector finance, UKEF said. Around 75% of UKEF’s insurance policies last year supported SMEs, mostly in manufacturing, construction and retail sectors.
Gareth Thomas, Minister for Exports, said:
“Exporting can help businesses to grow more quickly and is a driver of UK economic growth. This is why the new government is asking UKEF to take action to make exporting easier and more accessible.
“This new online service makes it easier than ever before for SMEs to apply for export insurance, giving them the confidence to take on new contracts around the world.”
UKEF is aiming to support over 1,000 SMEs a year by 2029. Its export insurance can cover up to 95% of potential losses under an export contract.
