Even as businesses here lament poor access to funding from local commercial banks, the United Kingdom yesterday announced that it has increased its credit agency lending purse from £750m to £2.1 billion through the UK Export Finance (UKEF), and these sums could be tapped by both government and the private sector.
However, the caveat is that it cannot be used for investments in the oil sector.
“This access to funds that they have here now will assist these companies now to go to them. The good news with this fund is that you can borrow up to a minimum of £1 million,” UK’s Minister for the Americas, David Rutley, yesterday said during the announcement, following meetings with government and the private sector.