With the Brexit deadline in sight, world trade is an increasingly prominent focus for UK businesses – and there are plenty of initiatives to provide support
Liverpool band MiC LOWRY benefited from the scheme, Photo credit: bpi
Mending money matters
SMEs shipping overseas can sound warning bells for lenders – and that’s why the government’s Export Working Capital Scheme exists. By giving partial guarantees to lenders and covering up to 80% of export credit risks, companies which don’t quite ease the minds of lenders can start bagging high-value contracts with the government backing them up.
Banking on business
If you’re safe enough for a bank then you’re safe enough for the government. Indeed, after securing a British bank’s signature on a Letter of Credit issued by an overseas bank, why not double-up security under the Letter of Credit Guarantee Scheme where the government will ensure between 50% and 90% of its value.
Countering political challenges
All investments are prone to losses but when exporting outside the Organisation for Economic Co-operation and Development (OECD), the future is especially unpredictable. Luckily, the government’s Overseas Investment Insurance safeguards companies from losing out because of disruptive political events which may arise outside the OECD.
Drumming up exports
Marketing grants from £5,000 to £50,000 were music to the ears of artists like Editors, Nina Nesbitt, Paul Draper and Shame, who were able to tour four continents thanks to the British Recorded Music Industry’s Music Export Growth Scheme. While the 13th round has passed, music companies with under €50m turnover and fewer than 250 employees can get application for the next round in from Monday August 6.