White Oak UK Joins UK Export Finance’s General Export Facility Lending Panel

We’re incredibly excited to reveal that White Oak UK has joined the ranks of the UK’s General Export Facility’s (GEF) trusted lending partners. Historically, these partners have primarily been traditional banks such as Barclays, HSBC and Natwest, with the first non-bank lender accredited under the scheme as recently as 2021. By working with non-bank lenders like White Oak UK, UKEF is increasing the range of flexible financing accessible to smaller businesses, reducing missed opportunities and bolstering the economy. 

About the UK’s General Export Facility (GEF) 

GEF is a product offered by the wider UK government’s export credit agency, UK Export Finance (UKEF.) The GEF provides flexible short-term financing solutions of up to £25 million to support UK exporters, mainly smaller firms.

UKEF is a government department with the mission to ensure that no viable UK export fails for lack of finance or insurance, while operating at no net cost to the taxpayer. The department works with 70 private credit insurers and lenders, such as White Oak UK, to help UK companies access export finance and insurance. The world’s oldest export credit agency, UKEF, was established in 1919 and supports the exports of goods from the UK to more than 200 countries around the world. Over the last financial year, UKEF provided a record £14.5 billion in new financing, helping over 667 UK companies to export and grow. The facility also supported up to 70,000 jobs. 

Providing working capital for exporters to grow their business, the General Export Facility provides a partial guarantee to a UK exporter’s bank/lender to help the exporter gain access to trade finance facilities. This guarantee provided under the government-backed GEF can unlock working capital to support business growth – without being tied to a specific or restrictive export contract.

Supporting Smaller Firms with Their Export Efforts 

Appointed as the newest provider of the government-backed General Export Facility (GEF), White Oak UK aims to expand the reach of the popular export finance product to smaller businesses. This strategic partnership seeks to empower UK businesses across all industries pursuing international growth opportunities. 

Since its launch in 2020, the GEF has grown to be UKEF’s most popular product – over £771 million worth of loans have now been issued to UK exporters via the GEF scheme, mostly for SMEs.

UKEF Chief Executive Tim Reid said:

“We’re delighted to have non-bank lender White Oak join our network of financing partners. Increasing the choice of lenders for our customers is a key part of our plan to widen the accessibility of export finance to reach businesses of all sizes across the UK, especially smaller firms and those who may not have previously considered export finance options.”

How Does The General Export Facility (GEF) Work? 

The General Export Facility can help exporters who want to increase their export volumes but need extra cash to take on new orders. The government provides a guarantee to banks or lenders, enabling exporters to access a range of trade finance facilities to grow their businesses.

The General Export Facility can support facilities of up to £25 million. For larger facilities, businesses can opt instead for the Export Development Guarantee.

Is My Business Eligible for GEF Support? 

To be eligible for GEF support, businesses must meet several criteria, including:

• Demonstrating that in any one of the last three financial years, at least 20% of annual turnover has been made up of UK export sales

OR 

• In each of the last three financial years, at least 5% of annual turnover has been made up of UK export sales. 

UK businesses interested in learning more about the GEF can do so here.

For further details,  please contact the UK Export Finance team on 020 3868 4000. Alternatively: Email enquiries to: export@whiteoakuk.com

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