New lending scheme helps overseas buyers purchase UK goods
The Government’s Direct Lending Scheme has been launched today.
Developed by UK Export Finance (UKEF), the scheme will support exports where buyers need loans of up to £50 million to finance purchases of capital and semi-capital goods and services from UK exporters.
The Chancellor announced the £1.5 billion scheme in the Autumn Statement last year and this is the first time in UKEF’s history that it will be able to offer this type of support.
According to Lord Green, Minister for Trade and Investment, UKEF will directly negotiate the terms and conditions of the loan, disburse funds against the manufacture and supply of the goods and services, and manage the repayment of the loan.