A Yorkshire green energy firm has become the first to benefit from a UK Export Finance (UKEF) gurantee tailored to domestic supply chains.
The governmental agency backed Wakefield-based Green’s Power, which is both a supplier to exporters and an exporter itself, with an 80% guarantee on bonds issued by the company through HSBC, allowing the bank to relax security requirements.
It is the first such facility for UKEF. Previously, only companies directly involved in exports were eligible for support from the agency.
Paul Wright, Export Finance Manager for Yorkshire and Humber, UKEF said: “By extending support beyond the exporter, into the supply chain, we will not only help individual UK companies grow their business, but also make UK exports more competitive on a global scale by making it easier for them to deliver.”
Chris Alsop, relationship director at HSBC, said: “Green’s Power are a new customer to HSBC and we are delighted to be supporting them with their growth ambitions.
“For export-led businesses like Green’s, working with UK Export Finance helps us make sure the support we offer our customers is as suitable and as flexible as possible, and UKEF’s new supply chain offer is another valuable addition.”