UK Export Finance (UKEF), the government’s trade finance arm, has recently announced its commitment to significantly expand its support for businesses by 2029. This expansion will focus on small and medium-sized enterprises (SMEs), with a particular emphasis on those led by women. This move is a positive step towards promoting gender equality and empowering women in the business world.
UKEF is a government agency that provides financial support to UK companies looking to export their goods and services. It offers a range of products and services, including insurance, guarantees, and loans, to help businesses manage the risks of exporting and access the finance they need to grow. With this new commitment, UKEF aims to support a fivefold increase in the number of SMEs it assists, from 5,000 to 25,000, over the next decade.
This announcement comes at a crucial time for UK businesses, as the country navigates the challenges of Brexit and the global economic uncertainty caused by the COVID-19 pandemic. SMEs, in particular, have been hit hard by these events, with many struggling to access the finance they need to continue operating and growing. UKEF’s commitment to supporting these businesses is a much-needed boost for the UK economy and a testament to the government’s dedication to helping businesses thrive.
One of the key focuses of UKEF’s expansion is to support SMEs led by women. Currently, only one in five UK SMEs exporting goods and services are owned by women. This is a significant gender gap that UKEF aims to address by providing more opportunities and support for female-led businesses. This move is in line with the government’s commitment to promoting gender equality and empowering women in all aspects of society.
The benefits of supporting SMEs, especially those led by women, are numerous. Not only do these businesses contribute significantly to the UK economy, but they also bring diversity and innovation to the business world. By providing them with the necessary support and resources, UKEF is helping to create a more inclusive and dynamic business landscape in the UK.
In addition to supporting SMEs, UKEF also aims to increase its support for businesses in the renewable energy and sustainable infrastructure sectors. This aligns with the government’s goal of achieving net-zero carbon emissions by 2050 and promoting sustainable economic growth. By providing financial support to these industries, UKEF is not only helping to protect the environment but also creating new opportunities for UK businesses to thrive in the global market.
The expansion of UKEF’s support for SMEs and sustainable industries is a testament to the government’s commitment to promoting economic growth and creating a more inclusive and sustainable future for the UK. This move will not only benefit businesses but also the wider society, as it will create jobs, boost exports, and drive economic growth.
The announcement has been met with enthusiasm and support from various business organizations and leaders. Mike Cherry, National Chairman of the Federation of Small Businesses, stated, “This is a welcome and much-needed commitment from UKEF to support more small businesses, especially those led by women. SMEs are the backbone of the UK economy, and this expansion will provide a much-needed boost to help them recover and grow in the post-Brexit and post-pandemic landscape.”
The commitment to expanding support for SMEs and sustainable industries is just one of the many initiatives taken by the government to support businesses during these challenging times. The government has also introduced various measures, such as the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme, to help businesses access the finance they need to survive and thrive.
In conclusion, UKEF’s commitment to a significant expansion in the number of businesses it supports, with a particular focus on SMEs and women-led businesses, is a positive step towards promoting economic growth and gender equality in the UK. This move will not only benefit businesses but also contribute to creating a more inclusive and sustainable future for the country. With the government’s continued support and dedication, UK businesses are well-positioned to overcome the challenges and emerge stronger in the global market.
