National Tooling Funding Programme

Wednesday 15th of October 2014 12:00 AM

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

                                                mariekelly@financebirmingham.com

Website                                  www.financebirmingham.com/tooling

Category: Funding