UK Export Finance (UKEF), the UK’s export credit agency, and Bank of Ireland UK have announced a new partnership designed to support Northern Irish exporters.
In a boost to the province’s exports, Bank of Ireland UK has joined UKEF’s panel of affiliated lenders for its trade finance support. The agreement was signed in Belfast on Friday, and comes as the UK government looks to enhance its support for exporters through the Exporting is GREAT campaign.
Bank of Ireland customers will now be able to access government-backed finance to support their export activities. UKEF’s support will take the form of guarantees on working capital loans and contract bonds issued by the Bank, meaning that exporters can access the funds they need to fulfil export contracts.
In the past five years, UKEF has supported export contracts worth over £3 billion through its trade finance products, which are designed to help small and medium-sized enterprises grow their overseas sales.
This latest Bank of Ireland initiative complements the bank’s broad suite of existing export supports to help businesses in Northern Ireland navigate towards the unique opportunities associated with international trade.
Fred Smyth, Head of Commercial Finance at Bank of Ireland UK, said: “International trade is vital in growing the Northern Ireland economy. At Bank of Ireland we find that those customers who take the step of entering a new market tend to be very successful in that market. This partnership with UKEF further strengthens our proposition in supporting local businesses as they look to take those steps to trade around the world.”
“I am delighted that Bank of Ireland and UK Export Finance will now be working together to support Northern Ireland’s exporters,” said Gordon Welsh, Director of Business Group at UK Export Finance. “With its extensive customer base of exporting and export-ready companies, Bank of Ireland will be an important partner, helping us achieve our mission to ensure that no viable UK export fails for lack of finance or insurance.”
Liz McCrory, Export Finance Manager for Northern Ireland, added: “Last year, UKEF provided over £770,000 in support for £4 million of exports in Northern Ireland. I am looking forward to working with Bank of Ireland to help even more Northern Ireland companies realise their export ambitions, taking advantage of the world of opportunity out there.”
