By Maëlle Alquezar
According to business minister Vince Cable, the government has failed to inform SMEs willing to export on help and guidance provided by UK Trade and Industry.
During an event dedicated to export for small businesses, Cable said that UKTI has been reformed and was much more focused on SMEs since then. According to Barclays, which hosted the event, companies’ growth soars by an average of 30% after two years of exporting.
Government can always do more to help business, but let’s not forget the good work of the UKTI. Between 2011 and 2012, UKTI helped 25,400 firms, 90% of which were SMEs. The Government’s target is to help a further 100,000 companies to export by 2020 by raising awareness of help available such as grants, seminars and advice.
Among the many benefits provided by UKTI, we can find a Tradeshow Access Program which allows small companies to attend trade shows abroad by receiving £1,000 to £1,800.
UK Export Finance, previously known as the Export Credit Guarantee Department, also helps exporters by providing several schemes such as an insurance against non-payment from foreign buyers.
Large banks, such as Barclays and HSBC, also offer schemes in order to help companies export, but they don’t always cover hard to reach and risky countries. That’s where UKTI comes in.
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