Member Article

Finance Expert event to boost auto suppliers

Automotive suppliers in the West Midlands have indicated that access to finance and missing out on tax incentives are one of the biggest barriers to their growth.

Industry expert Rachel Eade revealed the findings ahead of the Business Growth Service’s first Automotive Finance Expert event in the region, which is taking place at MG Motors’ Longbridge site next week (March 19th).

The National Automotive Lead for the Manufacturing Advisory Service (MAS) believes the exclusive seminar can help introduce new routes to finance, highlight R&D Tax Credit opportunities and unravel the different funding options available to growing manufacturers.

Delegates attending the free event will also hear from Professor David Bailey on the impact of the Budget and Jaguar Land Rover’s Mike Mychajluk on the risk analysis car markers use when assessing suppliers.

“Automotive Financial Expert is a direct response to what our supply chain was telling us they needed…additional insight in preparing for and securing the finance they need to grow,” explained Rachel.

“We’ve taken a hugely successful format and tailored it specifically for the sector, including speakers from JLR, the Chartered Institute of Purchase and Supply and Finance Birmingham, who will be talking in detail about the range of tools and funds available.”

She continued: “Other sessions will cover Export Finance Guarantees, getting the most out of Capital Allowances and then a panel discussion to tackle any other issues. It really will be an action-packed session featuring everything a supplier may need to know to help remove those barriers to growth.

“Automotive Finance Expert is designed to be as interactive as possible and there are a limited number of one-to-appointments available with the experts presenting.”

Rachel’s role as Automotive Supply Chain Specialist sees her work closely with all tiers of the automotive supply chain, with more than seventy companies assisted in the last two years alone.

This has been through strategic coaching, mentoring and signposting to other Business Growth Services and partners, including GrowthAccelerator, the Intellectual Property Office and UK Trade & Investment (UKTI).

She has also played a fundamental role in helping companies access more than £25m of funding to assist with their growth plans and in bringing innovative funds to reality for the West Midlands. The latter includes The National Tooling Fund and Black Country LEP’s Regional Growth Growing Priority Sectors bid.

Rachel went on to add: “There are funds and support out there, but it’s not going to be given to manufacturers on a plate. They need to make sure they explore all types of finance and identify the routes that best suit their business and requirement.

“We can help with this and also in ensuring they present the best possible business case that communicates their growth plans effectively.”

Automotive Financial Expert is open to owners or directors of supply chain firms in the West Midlands.

To book your place, please contact 0300 303 0034 or visit www.mas.businessgrowthservice.greatbusiness.gov.uk

This was posted in Bdaily's Members' News section by Russ Cockburn .