Export finance deal good news for SMEs but awareness is now key

ACCA (the Association of Chartered Certified Accountants) has welcomed the partnership between UK Export Finance (UKEF) and major banks, which will allow greater access to export finance for the country’s small businesses.
Ben Baruch, head of SME policy at ACCA, said:
‘ACCA has consistently called for greater government support for SME export financing and this is a welcome initiative which will help to grow UK SMEs, improve national productivity and more fully utilise the capacities of UKEF.
I hope to see the Government encouraging uptake of this initiative across the UK – rather than just London and the Southeast – and across SMEs of all sizes and sectors. This is an important building block towards achieving the aims of the government’s Industrial Strategy.
‘According to recent figures from the Federation of Small Businesses (FSB), only one in five of their members currently export and there is certainly a perception among UK SMEs that accessing finance and expanding overseas is just too difficult.
‘While this initiative will improve access to finance for many businesses looking to export, we need to continue to engage and support SMEs across the country, in order to tackle any perceived barriers or obstacles towards beginning their export journey.  I hope to see UKEF continuing to address these challenges with proactive support and engagement – I know that we will be doing so with our many ACCA members who operate across the SME community.
‘Accountants play an important role as trusted advisers to the UK’s small business community and we look forward to seeing ACCA members help businesses of all sizes to maximise this opportunity.’