- This makes Newable the first non-bank lender to join the initiative which includes five existing lenders; HSBC, Santander, Barclays, Lloyds and NatWest.
The General Export Facility (GEF) was launched in December 2020 and was first available in March 2021, designed to provide exporting SMEs access to working capital support through their COVID-19 recovery journey.
Announced last week by Minister for Exports Mike Freer at the annual UK Trade and Export Finance Forum, over £120 million worth of loans have now been issued to UK exporters using the export finance scheme, which has made UKEF's support more flexible and accessible for SMEs.
Minister for Exports, Mike Freer said:
The General Export Facility introduced last year has been a remarkable success. Since the facility was made available in March, more than £120 million of UKEF backed finance has been issued. Boosting businesses in sectors from online retail to renewable energy
GEF is a fantastic proposition for businesses looking to grow and export. But we need to make sure more businesses access it. That's why I am pleased to announce that Newable has become the first non-bank lender accredited to the scheme.
Newable specialises in supporting smaller SMEs to gain the tools they need to successfully export and sees the addition of export finance as a key building block in supporting UK SMEs. Through the new accreditation, Newable will be providing working capital facilities of up to £150,000 to exporting businesses. Uniquely, Newable's facilities can be used to support both new contract wins, or to provide additional working capital to exporting businesses.
To be eligible for support, businesses must meet several criteria including showing that in any one of the last three financial years, at least 20% of annual turnover has been made up of UK export sales or that in each of the last three financial years, at least 5% of annual turnover has been made up of UK export sales.
Philip Reynolds, MD - Lending at Newable, commented:
Being the first non-bank to be accredited under the GEF scheme is a huge step forward in improving smaller businesses' access to funding to support export growth. With around 1 in 10 UK SMEs currently exporting, there is a huge opportunity to continue to develop the UK's export capability.
Chris Manson, Newable CEO, adds:
Newable has successfully delivered the International Trade Advice service on behalf of the government for the last 15 years and we have used this accumulated knowledge and ongoing support from UKEF to develop an SME export funding product which is both unique and has the potential to help many UK SMEs.
Background
About Newable
Newable Business Loans is part of the Newable Group, a multi-faceted business that supports SMEs at every stage of their business development through the provision of money, space and advice, helping over 43,000 businesses thrive per year.
About UK Export Finance
UK Export Finance is the UK's export credit agency and a government department, working along-side the Department for International Trade as an integral part of its strategy and operations.
Established in 1919, it exists to ensure that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.
