Key Features
- £24m revolving national tooling fund
- Loan facility £50k to £1m
- Commercial rate of interest (indicatively 7.5% above the prevailing Base Rate), Arrangement Fee 1%,
- Aimed at toolmakers and component manufacturers
- Purpose - to fund design, development/manufacture of tools or expansion of tooling capacity
Criteria:
- Final manufacturing of the tooling and subsequent component production to be in England
- Firm order for the tooling from an OEM/Tier 1 or similar
- Evidence that traditional sources of finance not available
- Two years trading track record and proven ability to complete similar projects previously
- Tranched drawdowns (usually three)
- Repayment from applicant once payment received from the OEM/Tier 1 or similar
- No personal security required
- Debenture security but priority to existing debenture holders
- Focus on jobs creation/safeguarding
Contact Finance Birmingham Tooling team to discuss your requirements -
Telephone 0121 233 4903
Email stevehetherington@financebirmingham.com
graemecampbell@financebirmingham.com