Commenting on the launch of a temporary government backed guarantee to support the provision of trade credit insurance for businesses, Ann McGregor, Chief Executive of Northern Ireland Chamber of Commerce and Industry (NI Chamber), said:
“Providing businesses with the confidence to continue trading is vital to seeing us through the COVID-19 crisis. The withdrawal or reduction of Trade Credit Insurance cover was squeezing working capital and impacting on a firm’s ability to keep operating. The launch of this government-backed guarantee will therefore help ensure that this vital lifeline remains available to businesses during and after this crisis, helping to maintain supply chains and ease the pressure on business cash flow.
“The temporary guarantee is something that NI Chamber has heavily pressed the government for and we are extremely grateful to the Economy Minister Diane Dodds for amplifying our message. As a result we will now be working with the government on the full details of the scheme to ensure firms are supported and risk is appropriately shared between the government and insurers.”
Brendan Gribben, Managing Director of NI Chamber member, Greenfields Ireland, commented:
“We welcome the announcement that the UK Government will provide additional support to businesses by acting as the reinsurer for both domestic and export trade credit insurance and we look forward to seeing the detail of the scheme. This is a very positive step that could help maintain our current domestic and export trade flows and potentially aid in the full recovery of businesses by giving confidence to both the supply chain and to trade finance.”