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The Early Project Services Guarantee (EPSG) provides a guarantee to a bank making a loan to an overseas buyer to finance the purchase of design,听engineering听or technical services from a UK supplier for early project work such as feasibility studies, conceptual designs, and surveys.听

How it works听

Stage听1: An overseas buyer is considering starting a major project.

Stage听2: A UK professional services firm wins a contract for the project鈥檚 early design work. This could include:听

• Feasibility and value for money studies听

• Conceptual design听

• Detailed design听

• Geophysical surveys听

• Habitat surveys听

• Environmental surveys听

• Human impact studies听

Stage听3: The听loan is drawn down to pay the exporter for the services听as they are supplied.听

Stage听4:听All听the听services are provided. The buyer now has two years to repay the loan.听Subject to approval听from UKEF and the lender, the buyer may be allowed to听repay the principal, in whole,听at the end of the two-year period.听

If the project proceeds,听and听the buyer uses听a听UKEF Buyer Credit facility听to finance it and pay off the EPSG early, the buyer will receive a pro rata premium refund on the EPSG premium听reflecting the early repayment.听听

叠别苍别蹿颈迟蝉听

The exporting professional services firm is paid as soon as the services have been performed, subject to the terms and conditions of the loan agreement and that loan continuing to be made available to the borrower.听

The buyer or borrower:听

• Has up to two years to听repay听the loan, with that period starting after the services have been delivered听
• Can borrow at fixed or floating rates听
• Can make a single repayment听of principal听on the last day of the loan if this is allowed by the lender听and UKEF听
• Can receive a partial premium refund if a听UKEF-backed Buyer Credit听is used to finance both the final project and听to pay off听the EPSG听early听听
• Can receive a non-binding听indication听of support for the final project听

The financial institution receives a guarantee from us for the amounts due under the loan.听

Eligibility criteria听

The transaction must satisfy UKEF鈥檚 eligibility criteria, which includes the requirements that:鈥�听

• The supplier must be carrying on business in the UK听

• The financial institution must be acceptable to us听

• Once the services are delivered,听the loan听must be repaid within听2 years听听

• We听anticipate听contract values of up to 拢30 million. However, in some cases, we may be able to support values above 拢30 million听

• The financing must relate to project services and cannot involve any physical project work.听

All transactions supported by UKEF must satisfy:鈥�听

• 翱耻谤鈥�舛寞foreign content policy听

• 翱耻谤鈥�舛寞anti-bribery and corruption鈥痑苍诲鈥�environmental, social and human rights due diligence processes听

The transaction may not be supported if there are sanctions imposed on the country of the buyer or borrower.鈥�听

The听maximum听amount that can be made available under the facility is 85% of the contract value. A minimum of 15% of the contract value must be paid directly to the exporter by the buyer before the facility starts to be used.鈥�听

Any offer of Buyer Credit finance for the听subsequent听project work is dependent on the overseas buyer meeting UKEF鈥檚 standard credit risk and due diligence鈥痑nd the proposed project being acceptable to UKEF. An offer of finance for the EPSG does not mean that finance for the听subsequent听project is guaranteed.听

Check听our听鈥�country cover indicators鈥痶o find out what cover is available for the country or territory you want to do business in.听

Cost听

The premium payable for our cover is听determined听on a case-by-case basis.听

How to apply听

UKEF works with a range of financial institutions to deliver this support.听

To find out more about a UKEF Early Project Services Guarantee or to discuss eligibility for our support, contact our customer services team.鈥�听

颁辞苍迟补肠迟鈥�customer.service@ukexportfinance.gov.uk鈥痮r call +44 (0)20 7271 8010.听

Application form and product documentation鈥�听

Check听our听鈥�country cover position, and make an application.鈥�听

• 鈥�(PDF,鈥�574 KB,鈥�38 pages)听

• 鈥�(PDF,鈥�506 KB,鈥�45 pages)听

• 鈥�(PDF,鈥�570 KB,鈥�61 pages)听

More information鈥�听

• Read our鈥�guide for applicants on business processes and factors, to find out how we make decisions on applications听

• Read our position on鈥�Financial Crime Compliance鈥�.