Automotive suppliers seeking better access to finance
- Published on Wednesday, 21 November 2012 11:39
- Posted by Vicki Mitchem
Over 125 UK-based suppliers will gather at a specialist networking event today, meeting more than 25 lenders, to discuss the financial needs of the UK's £4.8bn supply chain and improve the two-way dialogue between the sectors.
Taking place in the West Midlands – a region that is home to scores of automotive component manufacturers and suppliers – SMMT's 'Meet the Funder' event has attracted support from some of the UK's largest high street banks including Barclays, HSBC, Lloyds TSB, Royal Bank of Scotland and Santander.
The event is set to be the largest automotive specific financial networking event of its kind and will see more than 100 one-to-one meetings taking place on the day.
"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," said Paul Everitt, SMMT Chief Executive. "I am delighted that the finance and automotive industries are working together to build strong commercial relationships and maximise the opportunities flowing from sustained investment by global vehicle manufacturers.
"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."
In June, SMMT launched its Supply Chain Finance Report which outlined the main financial and growth constraints affecting the UK's diverse automotive supply chain. Responding to key recommendations outlined in the report, SMMT's 'Meet the Funder' is the first in a series of events that will help companies at every level of the supply chain secure funding for growth.
Delegates will also benefit from presentations given by a range of industry and financial sector representatives, providing an overview of the current funding barriers facing the automotive supply chain and work being done to overcome these challenges. The speakers will include Paul Everitt, SMMT Chief Executive; Irene Graham, Managing Director for Business Finance and Strategy, British Bankers' Association; Simon Moger, Head of Government Programmes, Jaguar Land Rover and Mark Orton, Partner, KPMG.
The event will also include an exhibition area where the participating organisations include Caxton FX, Coventry University, Richard Oliver International and Talent Retention Solutions.