A new lending scheme has been launched to support and encourage export businesses within the UK.

Announced by UK Export Finance, the Department for Business, Innovation and Skills, HM Treasury and UK Trade and Investment, it aims to support firms that need loans of between £5 million and £50 million. A total of £1.5 billion will be available for these loans.

It will help those looking to purchase goods and services from UK exporters who were not successful in obtaining an export credit loan from the bank.

Minister for trade and transport Lord Green said exports are vital to the economy and "where the customers of British exporters are having difficulties securing export finance from other sources, UK Export Finance can now assist by providing loans through the Direct Lending Scheme".

As such, the boost in business for exports may also improve the logistics and cargo sectors as these companies receive more business and revenue.

UK Export Finance, operating under the scheme, will provide export credit loans for overseas companies looking to buy or borrow. The scheme will be available until March 2016.