FOUR new schemes are being created to help Kirklees exporting firms get access to credit and insure themselves against risk.
The move, which also includes extending the scope of another existing scheme, comes as part of government moves to encourage exports which it sees as “crucial” to securing economic growth – and help UK firms compete internationally.
The new initiatives include an Export Enterprise Finance Guarantee Scheme set up by the Department for Business, Innovation and Skills, which offers export finance valued up to £1m to small and medium-sized firms.
The Export Credits Guarantee Department will also launch the Export Working Capital Scheme offering export finance worth over £1m.
The ECGD will also run a Bond Support Scheme, under which the Government will share risk with lending banks on the issue of contract bonds.
It will support banks which offer foreign exchange hedging contracts to small and medium-sized enterprises by sharing credit risk.
In addition, ECGD will extend its existing short term export insurance to cover a broader range of exporters, including SMEs.