Competition opens for new funding initiative to enhance the UKs supply chain

The Department for Business, Innovation and Skills (BIS), supported by the Technology Strategy Board (TSB) has opened the competition for its £125 million funding initiative, aimed at helping the UK’s existing supply chain grow and achieve world-class standards.Building on a successful bid to the government’s Regional Growth Fund led by a consortium of four Local Enterprise Partnerships and Birmingham City Council, the ‘Advanced Manufacturing Supply Chain Initiative’ has a much wider remit in terms of geographical and sectoral coverage.Designed to support projects that deliver economic growth and promote closer collaboration within the supply chain, the competition will accept applications from established advanced or high value manufacturing sectors, such as automotive, aerospace and chemicals or newer growth areas where the UK is well placed to take a global lead, such as renewable energy and other low carbon sectors. Funding is available for:The purchase of capital equipment.R&D activity which improves manufacturing equipment, systems or processes.Specific training and skills development to support the project.Successful bidders will be awarded funding of at least £2 million, but projects must be of sufficient size to make a significant impact on the UK’s supply chain. Domestic suppliers with projects that require funding below the threshold should consider entering a consortium with others who are also seeking support.Beneficiaries must be located in England, although discussions are taking place, seeking to extend the fund to companies based elsewhere within the UK.Click through for more information about the fund and the criteria for applications.In line with SMMT’s commitment to grow and strengthen the UK’s supply base, the Society has commissioned a report in collaboration with the Smith Institute, to understand how the finance sector can better support the industry. The report will provide the financial sector with a better understanding of how UK automotive operates, delivering a set of recommendations that will enable financial institutions to support automotive companies more effectively.We would like to ask for your support with this work by completing our short online survey, which should take no longer than 15 minutes.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)