The UK’s official export credit agency, UK Export Finance (UKEF), is increasing the support it offers to small and medium-sized enterprises (SMEs) in the west midlands so they can raise their export potential. SMEs will be able to enjoy higher levels of available export finance, The Business Desk reports.

Businesses will be assisted by UKEF’s Export Finance Advisers (EFAs) who will help them explore their options and take advantage of the support available.

The Business Desk quoted Phil Potter, one of UKEF’s 18 EFAs, as saying said that all businesses who deal with exporting know there is a degree of risk involved. Whether they will get paid or whether they will be able to raise finances to survive longer lead times are among the primary concerns.

The support offered by UKEF has been the deciding factor for many SMEs in the region in terms of whether they secure a deal or not, Potter pointed out. Thanks to the support received, SMEs have been able to win contracts much larger than previously possible, when such support was unavailable.

The rise in the export finance available to SMEs includes changes to the Direct Lending Scheme, which provides funding to overseas buyers of UK goods and services. Available funds will be doubled to £3 billion and more flexible conditions will be provided with regards to the size of the loans. The Export Refinancing Facility will also be launched; this will help secure more competitive sources of longer term funding for overseas buyers.

Stourbridge-based pipeline filters and strainers supplier Vee Bee Filtration is one of the firms supported by UKEF. Thanks to the support it received, it was able to accept a large contract with a big US construction company without monetary concerns getting in the way, The Business Desk concludes.