RE: Sonia rates12 Apr 2024 14:03
Https://www.nao.org.uk/wp-content/uploads/2020/07/Department-for-International-Trade-and-UK-Export-Finance-Support-for-exports.pdf
This is the only data I can get that mentions a timeframe for UKEF at 49 days average but t.b.h. this is from 2020 so the timeframe might have expanded from then or contracted who knows!
Expanding export finance products
2.39 UK export deals could fail if exporters lack the capital they need or there is a
risk of a buyer default. UKEF’s role is to ensure that no viable UK export fails for
lack of finance or insurance. In the 2018 export strategy, DIT and UKEF identified
that access to export finance can be a barrier to trade.
2.40 UKEF is expanding the finance and insurance products it offers to meet
a wider range of exporters’ needs. UKEF performed well in the 2019 British
Exporters Association’s annual benchmarking report, achieving a score of nine
out of 10 on the range of products it offers. Product developments include:
• a General Export Facility being introduced in 2020 to support exporters’
overall working capital requirements, rather than linking this support (as it
does now) to specific contracts. This is intended to help smaller businesses
and those with shorter manufacturing cycles; and
• a direct lending facility which is aimed more at large infrastructure projects.
This allows UKEF to provide loans directly to overseas buyers (including
governments). Initially UKEF had £3 billion of direct lending capacity but
in 2018 HM Treasury announced an additional £2 billion of capacity for
2020-21 and 2021-22. In the 2020 budget, the government made this
additional capacity permanent. UKEF can also lend a further £2 billion to
support projects supporting clean growth and a further £1 billion to support
overseas buyers of UK defence and security goods and services.
2.41 However, stakeholders have raised concerns that UKEF’s application
processes can be slow and smaller businesses would benefit from shorter
turnaround times and simpler requirements. To address these concerns, UKEF
has introduced greater delegated authority to five banks, who can apply for some
of UKEF’s products via an online portal and obtain immediate cover. This digital
process is quicker but when applications do not meet the eligibility criteria UKEF
reverts to a manual process, which takes on average 49 days. In 2019-20,
389 applications were made through the portal, of which 62% were eligible for
immediate cover using the online process. In February 2020 UKEF streamlined
the eligibility criteria with the aim of reducing the number of applications
requiring manual review
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