A new government scheme to help ship buyers access finance to buy UK-built vessels and upgrade existing ones has been launched. Through the Shipbuilding Credit Guarantee Scheme (SCGS) the government will act as a guarantor for lenders, unlocking credit for maritime firms.

It could help to boost the UK shipbuilding industry and drive growth in areas such as Liverpool, Plymouth, the Solent, Rosyth, Clydebank, and Belfast.

The SCGS could create new jobs and contribute to the economy, according to government estimates based on the demand for commercial shipbuilding in the UK.

The scheme also forms part of the Government’s £4 billion plan to revitalise UK shipbuilding and coastal communities through the National Shipbuilding Strategy Refresh announced last year.

See: New shipbuilding lending scheme to boost UK’s coastal communities – GOV.UK (www.gov.uk)