Since the economic crisis, automotive suppliers in the UK have struggled to secure funding from finance institutions, prompting The Society of Motor Manufacturers and Traders (SMMT) to host its first “meet the funder” event, which takes place today in the West Midlands, the heart of the UK’s motor industry.
Around 125 suppliers are due to attend along with 25 banks including Barclays, Santander, HSBC and Lloyds TSB as well as automotive giants such as Aston Martin, Jaguar Land Rover and Ford among others.
Paul Everitt, chief executive of the SMMT, said: “Improving access to finance is vital for the growth of the UK automotive supply chain and to securing high-value jobs and prosperity for the long term.
“SMMT’s ’meet the funder’ event is designed to progress relationships and facilitate discussion between banks, non-bank lenders and industry. This will help to build trust and overcome barriers to successful business development.”
Everitt added that while he did not expect any deals to be concluded at the event it was important part in developing relationships.
“This is a really big step forward. There is still a significant way to go but at least we have got the right people talking about the good business opportunities out there,” he said.
