New export guarantee champions UK engineering and design services
A new government-backed export guarantee has been launched to help UK engineering and design services companies win more business overseas.
The Export Guarantee for Engineering and Design Services (EGED) will provide guarantees to banks and other lenders to support loans to UK companies exporting engineering and design services. This will make it easier for companies to access the finance they need to grow their exports.
The EGED is part of the government’s £500 million Export Finance Guarantee Scheme (EFGS), which was launched in 2020 to support UK businesses exporting goods and services.
The EFGS has already helped to support over £2 billion of exports, and the EGED is expected to further boost UK exports of engineering and design services.
Engineering and design services are a major strength of the UK economy, with the UK being a world leader in sectors such as aerospace, automotive, and construction.
The EGED will help UK companies to compete more effectively in the global market, and will create jobs and growth in the UK economy.
How the EGED works
The EGED is a government-backed guarantee that is provided to banks and other lenders to support loans to UK companies exporting engineering and design services.
The guarantee covers up to 90% of the loan amount, and can be used to support loans of up to £10 million.
The EGED is available to companies that are based in the UK and that have a proven track record of exporting engineering and design services.
Benefits of the EGED
The EGED offers a number of benefits to UK companies, including:
- Increased access to finance: The EGED makes it easier for companies to access the finance they need to grow their exports.
- Reduced risk: The EGED reduces the risk to banks and other lenders of providing loans to UK companies exporting engineering and design services.
- Competitive advantage: The EGED gives UK companies a competitive advantage in the global market.
How to apply for the EGED
Companies that are interested in applying for the EGED should contact their bank or other lender.
The bank or lender will then assess the company’s application and make a decision on whether to provide a loan.
If the bank or lender approves the loan, the government will then provide the EGED to the bank or lender.
Further information
Further information on the EGED is available on the UKEF website: www.ukexportfinance.gov.uk/what-we-do/accessing-finance/the-export-guarantee-for-engineering-and-design-services/
New export guarantee champions UK engineering and design services
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