Funding news - 26/03/2012
£125 Million Advanced Manufacturing Supply Chain Initiative Launches This Week
The proposed new Advanced Manufacturing Supply Chain Initiative is expected to aid the growth of the existing supply chain in England and encourage major new suppliers to come to, and manufacture in, the UK.
The proposed new Advanced Manufacturing Supply Chain Initiative is expected to aid the growth of the existing supply chain in England and encourage major new suppliers to come to, and manufacture in, the UK.
This initiative will provide grants and loans to successful projects demonstrating real ambition to create globally competitive supply chains. It focuses on established advanced or high value manufacturing sectors and newer growth areas where the UK is well placed to take a global lead, such as energy renewables and other low carbon sectors.
The programme has a total budget of £125 million available for distribution. Individual funding allocations from a minimum of £2 million will be provided.
The funding can support a combination of investment in capital equipment, associated R&D, and training and skills in recognition of the flexibility needed to overcome the barriers that suppliers and supply chains can face.
All advanced manufacturing sectors in England, except where barriers to entry are low, will qualify for support.
Speaking about the new programme,
Business Secretary Vince Cable said:
"This Government has an absolute commitment to clearing away the barriers that act as a brake on growth for British SMEs. That is why, for example, we are not just reviewing whether there is still a case for each regulation, but now we are going to tackle how regulations are actually enforced as well. That commitment to lighten the load lies at the heart of our strategy for achieving economic transformation and recovery.
"In addition the Advanced Manufacturing Supply Chain Initiative will help build manufacturing capacity and ensure that more of the necessary components can be sourced in this country. We will support projects that deliver economic growth, greater competitiveness and safeguard or generate jobs.
"We will also increase the supply of capital through non-bank lending channels via our £100m SME focused Business Finance Partnership, targeting finance channels other than loan funds."
The competition opens on 29 March 2012. No deadlines have been set at this stage. Further details will be reported once they become available.
Source: TSB and the Department for Business, Innovation & Skills, 23/03/12