DIT announces export grants up to £9k for Music Retailers and Suppliers

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During its webinar with the MIA this week, the Department for International Trade outlined the new DIT Internationalisation Grant. Also unveiled was the General Export Facility from UK Export Finance which is specifically designed to help SME businesses with their export finance.

As part of the MIA’s new relationships with Government, we were delighted to partner with the Department for International Trade and UK Export Finance to present an export webinar especially for the music industry.

Here are the key points covered in the presentations:

Department for International Trade: 

  • DIT’s role and how International Trade Advisors can assist Music Retailers and Suppliers
  • The Local & Regional support available for Music Retailers and Suppliers
  • How to use GREAT.gov.uk to find  information, support, funding & advice
  • Ways to find help with Post Transition from DIT
  • Full details on the DIT Internationalisation Fund

UK Export Finance: 

  • Financing, Guarantees and Insurance available for Music Retailers and Suppliers from UKEF
  • Export Insurance Policy
  • The General Export Facility (GEF)

Here is a summary of the DIT Internationalisation Fund (find out more by watching the session recording below)

Match-funded grants of between £1,000 and £9,000 will be available for future activity (subject to eligibility and availability)

The fund can be used to support areas including (but not exclusively limited to):

  • Market research
  • IP advice
  • Translation services
  • International social media/SEO
  • Trade fairs – where no TAP funding is available
  • Independent market visits
  • Consultancy and other international commercial services

Here is a summary of the General Export Facility (find out more by watching the session recording below):

  • Exporter accesses up to £25m of UKEF support to provide facilities to finance their working capital
  • UKEF provides a guarantee (up to 80%) to participating banks to cover the risk that an exporter fails to repay the facility. Maximum term 5 years ( 2 years on Delegation)
  • Not Contract specific
  • Exporter has to export at least  20% of sales in the past year or 5% for each of the past 3 years
  • UKEF receives a proportion of the bank’s risk margin
  • Designed to increase the facility amount
  • Credit risk is on the UK exporter and must meet the bank and UKEF’s minimum risk standards

For the event, we were joined by Pete Chapman who is an International Trade Adviser at the Department for International Trade and music industry specialist. We were also joined by Jane Cooper, the Export Finance Manager for UK Export Finance. The session was moderated by the Chair of the MIA Board, Steven Greenall.

Here is the session:

If it would be useful for you to have the slides from the presentation, please contact Alice