Tuesday, 3 September 2013
Direct Lending Scheme opens to exporters
The Direct Lending Scheme will support exports where buyers need loans of up to £50m to purchase capital and semi-capital goods and services from UK exporters, but have been unsuccessful in obtaining funding from the banks.
Lord Green, minister for trade and investment, said: "Exports play a vital role in rebalancing our economy, and where the customers of British exporters are having difficulties securing export finance from other sources, UK Export Finance can now assist by providing loans through the Direct Lending Scheme."
Under the scheme, UK Export Finance will provide an export credit loan directly to an overseas buyer or borrower.
It will directly negotiate the terms and conditions of the loan, disburse funds against the manufacture and supply of the goods and services under the respective export contract and manage the repayment of the loan.
Chancellor George Osbourne announced the £1.5bn Direct Lending Scheme in the Autumn Statement last year.
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