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UK Export Finance (UKEF) has launched an online portal for credit insurance applications.
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Changes will help small businesses apply for export insurance more quickly.
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UKEF aims to help more businesses as part of its new five-year business plan.
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 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, 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 small and medium-sized enterprises (SMEs), which may face greater challenges securing private-sector finance. Around 75% of UKEF’s insurance policies last year supported SMEs, mostly in manufacturing, construction and retail sectors.
Yorkshire business Yarwood Leather Ltd is amongst the first to have secured government insurance through the new portal. It has used the support to help it deliver major new contracts supplying material to makers of fine furniture in Vietnam.
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.
Kate Dixon, Managing Director of Yarwood Leather, said:
Yarwood Leather have been in business and exporting for over 50 years. The support from UKEF has opened up new markets for us in territories which are not covered by our usual credit insurer.
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.
