CDE Global first to access UKEF Standard Buyer Loan Guarantee - Case study gov.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gov.uk Daily Mail and Mail on Sunday newspapers.
SOMEVAM invests in second CDE silica sand wash plant
SOMEVAM, a subsidiary of the Tunisian Sebri Group, an independent, family owned and operated group with interests in agriculture, food processing and quarrying, has announced plans for a significant investment in the development of its second CDE wet processing solution for the production of high-specification silica sand products.
With authorisation from the Central Bank of Tunisia, funding for this investment was secured with the support of UK Export Finance, AF Capital, Apple Bank, and supported by British Embassy Tunis. Sebri Group will work with its wet processing partner, CDE, to design and engineer the new plant which will be located at SOMEVAM’s quarry in Oueslatia.
UK Export Finance (UKEF) has overhauled its supplier credit facility programme to make its support more accessible to the large proportion of SME trade that is financed by non-bank lenders.
Launched this week, the British export credit agency’s new standard buyer loan guarantee (SBLG) allows it to guarantee a loan of up to 85% of a UK company’s export contract value, enabling British exporters to get paid upfront while their overseas buyers can repay the loan from their lender over a longer period.
The SBLG’s predecessor facility was only available to financiers who had entered into an overarching master guarantee agreement with UKEF. With one exception – the London Forfaiting Company – these were all traditional bank lenders, including HSBC, JP Morgan and Standard Chartered. Under the new scheme, this requirement has been removed, and replaced with transaction specific documentation which caters for alternative lenders.
UKEF overhauls buyer finance support to boost SME exports gov.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gov.uk Daily Mail and Mail on Sunday newspapers.