The Department for Business, Innovation and Skills (BIS) and the Technology Strategy Board (TSB) has announced plans for its forthcoming £125 million funding initiative, aimed at helping the UK’s existing supply chain grow and achieve world-class standards while encouraging major new suppliers to manufacture in the UK.
Building on the success of a bid to government’s Regional Growth Fund led by a consortium of four Local Enterprise Partnerships and Birmingham City Council, the ‘Advanced Manufacturing Supply Chain Initiative’ will have 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 fund will accept applications from established advanced or high value manufacturing sectors, or newer growth areas where the UK is well placed to take a global lead, such as energy renewables and other low carbon sectors. Funding will be 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.
The TSB will play a key role in the registration and processing of applications and in the co-ordination of the assessment of applications against the set criteria. The outcome of the assessment process will be presented to an independent Investment Board that will take the final decisions to select successful bidders.
Beneficiaries must be located in England, although discussions are taking place, seeking to extend the fund to companies based elsewhere within the UK.
Information on opening and closing dates of the scheme will be announced in due course. For more information about the fund and the criteria for applications, click here.
On the 14 March, SMMT is hosting an Open Forum event at Northampton Saints Rugby Club, Northampton, focusing on the new growth and investment opportunities available to the UK’s automotive supply chain. To find out more and to book a place, contact Claire Balch on email@example.com or 020 7344 1636.