Help for SMEs wishing to trade overseas

Government measures to help smaller businesses sell their products and services overseas have been welcomed by a leading business group.

The Forum of Private Business believes the Trade and Investment White Paper, unveiled by business secretary Vince Cable, appears to show that the Coalition is serious about helping more small to medium-sized enterprises (SMEs) trade internationally.

The main measures announced include refocussing Government bodies UK Trade and Investment (UKTI) and the Export Credits Guarantee Department (ECGD) to provide better hands-on help to SMEs who are considering trading internationally- particularly in emerging markets such as China and India.

Forum research shows many SMEs would like to explore overseas markets but are deterred from doing so by a lack of local knowledge, language barriers and difficulties in accessing reliable and affordable information.
The white paper also included a pledge to create a guaranteed loan scheme for exporters. Dubbed the 'export EFG' due to its similarities to the existing Enterprise Finance Guarantee (EFG) scheme, this should allow more SMEs to finance export orders.

A shake-up of short-term credit insurance provisions to aid firms exporting non-capital goods, such as those in the service sector, was also announced.