UK Export Finance (UKEF) has helped 650 UK businesses to sell their products and services overseas in the last financial year, it has revealed.
The research, which is contained in UKEF’s annual report for 2023 to 2024, shows that the total amount of financial support provided by UKEF in 2023/24 was £8.8bn, with this supporting up to 41,000 jobs and £3.3bn in total national GDP.
The report also reveals that 80% of the businesses supported by UKEF were small and medium-sized enterprises (SMEs), with the majority of these businesses located outside of London.
Tim Reid, CEO of UK Export Finance, said: “UKEF has a crucial role to play in helping UK firms bridge any financing gaps which might be a barrier to their exporting plans.
“Our results from 2023 to 2024 show that we are stepping up to this challenge, with our highest level of support for UK businesses since the end of the COVID pandemic and our largest ever volume of financing guaranteed through our GEF product — a cornerstone of our offering to small businesses.”