Many exporters are excited to make their first sale overseas. Having gained market intelligence, found the right contact abroad and closed the sale, many think the job is done. However, it is not.
A problem many face, both large multinationals and small & medium enterprises (SMEs), is financing the sale and post-sale cycle. Challenges can range from getting paid on time to accessing export finance. Even with careful planning, the payment cycle can create cashflow challenges for the UK company, especially factoring in the timings of an overseas transaction.
The UK has an Export Credit Agency to Help UK Businesses with Overseas Sales
Like many countries, the UK Government has an export credit agency to help UK businesses in UK Export Finance (UKEF). UKEF’s mission is to ensure that no viable UK export fails for lack of finance or insurance, while operating at no net cost to the taxpayer.
Having the right finance and insurance in place can help any exporter win contracts, fulfil orders and also get paid. UKEF offers government-backed finance and insurance to help companies of all sizes, and in all sectors, access the support they need to sell overseas.
My interview with UK Export Finance in their Dubai Office
Watch my interview with David Moleshead, Senior Counsellor, who heads up UKEF’s new Dubai office overseas. Hear more about UKEF and what they do through David, as well some practical ways UKEF has helped using exporters in the Middle East as an example.