Opportunity for Manufacturers to optimise £125m fund
A new initiative of up to £125 million has been set up by the Government to improve the global competitiveness of UK advanced manufacturing supply chains. The Advanced Manufacturing Supply Chain fund aims to help existing UK supply chains grow and achieve world class standards while encouraging major new suppliers to come and manufacture in the UK. The Government initiative is based on the successful £25m Regional Growth Fund bid by a group of LEPs from the Black Country, Coventry and Warwickshire, Greater Birmingham and Solihull and Liverpool City Region and is being administered from Birmingham.
The new fund will support innovative projects, by the way of grants and loans, in established UK advanced manufacturing sectors such as aerospace, automotive and chemicals. It will also target newer growth areas where the UK is well placed to take a global lead, such as energy renewables and other low carbon sectors.
The fund recognises that to fulfil their potential and address market failures, suppliers and supply chains may require a combination of investment in capital equipment, associated research and development and improved skills and training support. Suppliers, including small and medium sized enterprises (SMEs), will be encouraged to submit proposals that demonstrate potential to strengthen and provide better join-up across the whole supply chain.
Please contact Blue Sky Corporate Finance for further information on the AMSCI or to find out more on how we can help you.