Early Project Services Guarantee
Source: gov.uk (2025-09-12)

Find out about our Early Project Services Guarantee: its benefits, eligibility criteria and how to apply.

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, engineering or technical services from a UK supplier for early project work such as feasibility studies, conceptual designs, and surveys.

How it works

Step 1: An overseas buyer is considering starting a major project

Step 2: A UK professional services firm wins a contract for the project’s early design work. This could include:
- feasibility and value for money studies
- conceptual design
- detailed design
- geophysical surveys
- habitat surveys
- environmental surveys
- human impact studies
Step 3: The overseas buyer successfully applies for and obtains an EPSG to finance the early project services

Step 4: The overseas buyer decides to proceed with the project and successfully applies for and obtains a Buyer Credit. The Buyer Credit pays off the EPSG and finances the project.

Benefits

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.

The buyer or borrower:
- has up to two years to pay for the services and can borrow at fixed or floating rates
- can make a single repayment on the last day of the loan if this is allowed by the lender
- can receive a partial premium refund if a UKEF-backed Buyer Credit is used to finance both the final project and an early refinance the EPSG
- can receive a non-binding indication of support for the final project
The financial institution receives a guarantee from us for the amounts due under the loan.

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
- the loan repayment period cannot be longer than 2 years
- we anticipate contract values of up to £30 million. However, in some cases, we may be able to support values above £30 million
- the financing must relate to project services and cannot involve any physical project work.
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 (https://www.gov.uk/guidance/uk-export-finance-financial-crime-compliance) 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 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.

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

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 premium 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 UKEF Early Project Services 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.

Application form and product documentation

Check our country cover position (https://www.gov.uk/guidance/country-cover-policy-and-indicators), and make an application.
- Early Project Services Guarantee Application Form (https://assets.publishing.service.gov.uk/media/6734c56cb613efc3f182306a/Early_Project_Services_Guarantee_Application_Form.pdf) (PDF, 574 KB, 38 pages)
- EPSG Guarantee Letter Specimen (https://assets.publishing.service.gov.uk/media/6734c5942469c5b71dbc7a99/Early_Project_Services_Guarantee_Letter_Specimen.pdf) (PDF, 506 KB, 45 pages)
- EPSG Guarantee Standard Terms and Conditions Specimen (https://assets.publishing.service.gov.uk/media/6734c5aab613efc3f182306d/Early_Project_Services_Guarantee_Standard_Terms_and_Conditions_Specimen.pdf) (PDF, 570 KB, 61 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) .