Small to medium sized businesses in the UK (SMEs) will soon be able to benefit from a new financial support programme which aims to help SMEs exporting to fast-growing emerging markets.

The Secretary of State for International Trade Liam Fox will announce the new funding package today at a celebration to honour 100 years of UK Export Finance’s (UKEF) backing for international trade.

The new support package offers a flexible approach to export funding and aims to give smaller business greater access to bonds and working capital.

The package will include:

• The Small Deal Initiative – to support the scores of exporters working on smaller contracts that underpin British trade

• Extending financial assistance to firms across exporters’ supply chains as well as supporting the exporters themselves

• The General Export Facility – rather than assisting with costs related to a specific export deal, this support package will cover an exporter’s general costs

Fox will say: “These announcements are potential gamechangers for our export industry, and will help us to tap a fresh vein of potential from within our economy.”

As part of the Small Deals Initiative the UKEF will guarantee the loans of potential overseas buyers of British goods to ensure UK bids are more competitive.

The General Export Facility also allows UKEF to assist exporters’ with general working capital requirements, rather than requiring financial support to be tied to the needs of a particular export deal.

Fox said: “Recognising that it takes more than one business to deliver an export contract, UKEF has extended eligibility for its support to companies in exporters’ supply chains.”

British businesses hold an important position within global supply chains. According to the latest data, almost a quarter (23.7%) of UK exports in 2015 were embedded in the exports of other countries.

Fox will also issue a warning as the global economy looks set to slow down, but will focus on the work the Department for International Trade is doing and how, through UKEF, it will support the work of British exporters.

“Building a truly Global Britain takes real investment. It cannot be done on the cheap,” says Fox.

“If we want to become an exporting superpower, with greater influence, selling more goods and services abroad and encouraging more British investment overseas, then we will have to invest in the capabilities required.

“UKEF’s work would be at the very forefront of this investment strategy.”