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Exporters in the UK are expected to benefit from L/Cs backed by a UK government department and made available through privately owned trade finance provider Synergy in Trade. Established in 2006, Synergy in Trade is one of a growing band of non-bank providers that have emerged over recent years to offer L/C and other trade finance services. UK Export Finance (UKEF) is backing £1 million of additional support to Synergy in Trade to help UK companies grow through overseas trade.

According to the UK-based trade finance provider, the UKEF backing will allow it to expand its funding and facilitate greater export opportunities through new L/Cs and back-to-back L/ Cs. The UK government's support is being provided through HSBC, which is extending its credit line by £1 million to Synergy in Trade. It says it already operates multi-million pound finance facilities focused primarily on smalland medium-sized enterprises, while the new credit line will enable it support even more such businesses.