News article

UK banks have agreed to make £11 billion of new lending available to UK businesses to support investment and expansion, including into international markets, the Government has announced.

The commitment was finalised at a roundtable in Westminster involving the Government, senior executives from the five largest banks (NatWest, HSBC UK, Barclays, Lloyds and Santander) and representatives of UK Export Finance (UKEF).

The funds will be drawn from the banks' own balance sheets and are intended to help small and medium-sized enterprises access finance for investment, hiring and market expansion. UKEF, the Government's export credit agency, will offer guarantees on up to 80% of eligible loans of up to £10 million to participating firms.

As part of the initiative, businesses may also receive advisory support through the banks' relationship teams and UKEF's regional Export Finance Managers.

Statements from government and industry figures highlight the aims of supporting companies with export ambitions and broader growth, noting the role of the initiative within wider efforts to improve access to finance.

Chancellor of the Exchequer Rachel Reeves said: 'Britain's small businesses are ready to take on the world - and this £11 billion commitment gives them the firepower to do it.  'We're turning the power of the City into rocket fuel for UK exporters - backing ambitious firms in every part of the country to break into new markets, create good jobs and drive the next decade of British growth.' The announcement forms part of continuing government activity to support business finance and export opportunities, alongside other measures aimed at improving conditions for smaller firms.

GrantFinder reports on UKEF programmes, alongside a range of other funding opportunities available to support UK SMEs.

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