Biba members get trade credit commission boost

Biba members will get now commission levels of 10% to 15% when they place trade credit insurance through the government-backed trade credit facility UK Export Finance scheme.

The commission boost follows an announcement by minister for trade and investment Lord Green at an event hosted by UK Export Finance yesterday. Green said that it was important to increase British exports through broker involvement and the export finance facility.

Green also announced that the department had appointed regional advisers to help support exporters and businesses around the country. Biba’s regional staff will work with the government’s advisers to support the scheme.

Biba chief executive Eric Galbraith and UK Export Finance chief executive Patrick Crawford also attended the event.

Galbraith said: “The increased commission level is a positive step forward. Other areas of equal importance that are being addressed are around clarity and simplification of the policy wording and application pack. Last night’s event is clear evidence of the energy that is gained by working together and we are looking forward to building on that momentum.”

Biba head of technical services Steve Foulsham said: “Biba welcomes this initiative which enables members to find trade credit protection for their SME clients looking to export into emerging markets where traditional trade credit insurers cannot always help.”

Brokers interested in signing up to the initiative can get more information from Foulsham.