Bills and Notes Guarantee
Source: gov.uk (2025-09-12)

Find out about our Bills and Notes Guarantee: its benefits, eligibility criteria and how to apply.

The Bills and Notes Guarantee (BNG) covers payments due under bills of exchange, or promissory notes, purchased by a financial institution from a UK supplier. The supplier will have received them in payment for capital goods, services and/or intangibles supplied to an overseas buyer. This is typically relevant for contracts between £1 million to £30 million.

Benefits

The benefits of our Bills and Notes Guarantee include:
- the supplier is paid as soon as the goods have been shipped and/or services performed
- the buyer or borrower has time to pay over a number of years at fixed rates
- the financial institution receives a guarantee from us for the amounts due under the bills of exchange or promissory notes
Eligibility criteria

The transaction must satisfy UKEF’s eligibility criteria, which includes the requirements that:
- the supplier must be carrying on business in the UK
- the financial institution must be acceptable to us
All transactions supported by UKEF must satisfy:
- our foreign content policy (https://www.gov.uk/government/publications/ukefs-approach-to-foreign-content)
- our anti-bribery and corruption and environmental, social and human rights due diligence processes (https://www.gov.uk/guidance/ukef-environmental-social-and-human-rights-risk-management)
The transaction may not be supported if there are sanctions imposed on the country of the buyer or borrower. The maximum amount that can be made available under the facility is 95% of the contract value. A minimum of 5% of the contract value must be paid directly to the supplier by the buyer before the facility starts to be repaid.

The period for payment under the facility is typically 2 to 5 years. It can be shorter or longer depending on the sector and transaction requirements.

Check our country cover indicators (https://www.gov.uk/guidance/country-cover-policy-and-indicators) to find out what cover is available for the country or territory you want to do business in.

Cost

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

How to apply

UKEF works with a range of financial institutions to deliver this support. To find out more about a Bills and Notes Guarantee or to discuss eligibility for our support, contact our customer services team.

Contact xxx@xxx.xx (mailto:xxx@xxx.xx) or call xx-xxxx-xxxx.

Our application forms are also available if you’re ready to make an application.

Application Forms and Product Documentation

Check our country cover position (https://www.gov.uk/guidance/country-cover-policy-and-indicators), and make an application.
- Bills and Notes Guarantee Application Form (https://assets.publishing.service.gov.uk/media/686f8a0881dd8f70f5de3d9c/Bills_and_Notes_Guarantee_Application_Form.pdf) (PDF, 1.09 MB, 41 pages)
- Guarantee Letter Specimen (https://assets.publishing.service.gov.uk/media/63754a2ad3bf7f720e73516d/Bills_and_Notes_Guarantee_Letter_Specimen_UKEF_-_Nov_2022.pdf) (PDF, 799 KB, 38 pages)
- Guarantee Standard Terms and Conditions (GSTCs) Specimen (https://assets.publishing.service.gov.uk/media/63754b858fa8f577123c069e/Bills_and_Notes_Guarantee_Standard_Terms_and_Conditions_Specimen_UKEF_-_Nov_2022.pdf) (PDF, 645 KB, 50 pages)
More information
- Read our guide for applicants on business processes and factors (https://www.gov.uk/government/publications/processes-and-factors-in-uk-export-finance-consideration-of-applicants), to find out how we make decisions on applications
- Read our position on Financial Crime Compliance (https://www.gov.uk/guidance/uk-export-finance-financial-crime-compliance)