The MD of a Leeds-based leather supplier Yarwood Leather has welcomed a new online Government portal for companies applying for government-backed export insurance.
Yarwood Leather, which has been supplying the automotive, aviation, and marine industries for more than 50 years, has been one of the first to secure government insurance through the new portal, using the support to help it deliver major new contracts supplying material to furniture makers in Vietnam.
MD Kate Dixon of said: “Yarwood Leather have been in business and exporting for over 50 years. The support from UKEF has opened up new markets for us in territories which are not covered by our usual credit insurer.”
The government’s export credit agency UKEF has launched the new online portal for credit insurance applications, which means that for the first time businesses can apply for government export insurancewithout having to complete a PDF form, improving access to international trading opportunities.
Its said that the new portal significantly shortens the application process, making it easier for businesses to apply for and ultimately get the support they need to export.
UKEF’s export insurance product has protected hundreds of exporters from non-payment risk, giving them the confidence to deliver high-value export contracts. This is particularly valuable for SMEs, which may face greater challenges securing private-sector finance. Around 75% of UKEF’s insurance policies last year supported SMEs, mostly in manufacturing, construction and retail sectors.
Gareth Thomas, Minister for Exports, said: “Exporting can help businesses to grow more quickly and is a driver of UK economic growth. This is why the new government is asking UKEF to take action to make exporting easier and more accessible.
“This new online service makes it easier than ever before for SMEs to apply for export insurance, giving them the confidence to take on new contracts around the world.”
