A funding boost for two West Midlands automotive firms sees them as one of the first to benefit from £25 million worth of funding via RBS Tooling Finance. The fund originates from RBS and NatWest and has been specifically set aside to help support the automotive supply industry.
Launched in 2014 RBS Tooling Finance was developed in response to feedback from the UK Automotive Council as well as the automotive supply chain as a way to provide much-needed funding assistance to support automotive sector growth.
Among the first in the UK to be awarded a funding boost by taking advantage of the funding scheme is Kidderminster-based DMS Chromium Plating Limited and Bridgnorth based Grainger & Worrall.
Funding Boost provided by RBS Tooling Finance
RBS head of automotive and manufacturing Richard Hill commented: “The launch of the RBS Tooling Finance in 2014, was a solution to help the UK’s supply chain fulfil its potential. I am delighted to now see businesses begin to benefit from this funding stream, particularly in the West Midlands where the automotive sector has such a strong presence.
“I am proud to know that through the scheme we are supporting our customers’ growth, like DMS and Grainger & Worrall, through efficient working capital management.”
Michael Mychajluk, supply chain & external engagement manager for Jaguar Land Rover, added: “We have been working in collaboration with RBS through our joint actions in the Automotive Council. The automotive industry’s requirements are so specific and we are delighted with the resulting Tooling Finance proposition.
“The UK supply chain is critical for JLR and there is an appetite for Tooling Finance as this RBS proposition has proven. It is to the credit of the British Banking Industry as a whole that they have listened to our needs and delivered new products in such a timely manner.”
Around 2,350 UK companies regard themselves as ‘automotive’ suppliers, employing around 82,000 people. The automotive supply chain typically generates £4.8bn of added value annually to the UK economy.