Virgin Money joins six existing lenders: HSBC, Santander, Barclays, Lloyds, NatWest and Newable, making the General Export Facility even more accessible.
Oxfordshire-based Westminster Group, which provides security equipment and services worldwide, is the first to benefit from a Virgin Money GEF.
Accreditation and deal were announced during a UKEF-Virgin Money roundtable event during International Trade Week, discussing how both organisations can collaborate to support more SMEs in challenging economic times.
Samir Parkash, interim chief executive of UKEF, announced that Virgin Money is the latest financial institution to be onboarded onto the General Export Facility (GEF), opening up access to financial support to their business customers.
GEF was launched in March 2021 and is designed to provide access to flexible finance for SME exporters.
It has already unlocked almost £250 million of working capital loans.
Mr Parkash said the General Export Facility provides vital hands-on government support to British small businesses.
“Since it was introduced last year it has unlocked almost £250 million of working capital loans and underpinned (the liquidity requirements of) hundreds of small businesses,” he said.
Sharon Ellis, head of business networks at Virgin Money, said Virgin Money is committed to supporting businesses with their growth ambitions at this key time for the economy.
To be eligible for support, businesses must meet several criteria, including showing that in any one of the last three financial years, at least 20 per cent of annual turnover has been made up of UK export sales or that in each of the last three financial years, at least 5 per cent of annual turnover has been made up of UK export sales.
