With the help of BIS, SMMT and the Automotive Council, Finance Birmingham has launched a National Tooling Funding Programme.
The launch was officially made by Michael Fallon, the then Minister for Business, at the Meet the Buyer event at Excel London on June 25, 2014
The Fund is a £24 million National Tooling Funding Programme created to help toolmakers and component manufacturers fund the design, development and manufacture of tooling or the expansion of tooling capacity.
It is available to companies throughout England provided that the final manufacture of the tooling and subsequent component part is undertaken in England.
Finance Birmingham has already received approval to provide a £1 million line to a Tier 1 supplier based in the south of England to help fund their tooling needs and are currently working with a Tier 2 supplier in the West Midlands who has won an order to provide parts for a new prestige vehicle but needs to fund the manufacture of the appropriate tooling.
More information is available at www.financebirmingham.com/tooling