|
As a response to the economic downturn, institutions at a European, national and regional level have outlined assistance and funding initiatives for business, extending financing and support to mitigate the effects of the credit crisis.
The SMMT has monitored funding developments for businesses and the automotive sector, drawing up details of initiatives in an accessible guide, available online, assisting members to identify and access the available support services.
Government trade credit insurance top-up scheme extended
Government has announced it is extending support for companies that have experienced a withdrawal of trade credit insurance. The scheme originally supported companies that have been experiencing difficulties since April 2009, however business secretary Lord Mandelson has extended cover to support businesses that have had their credit limits reduced since 1 October 2008. Companies are now eligible for six months prospective cover, and up to 28 days' retrospective cover is available in particular circumstances.
Top-up cover is available:
- for companies of any size
- for new applicants until 31 December 2009
- if applicants hold a whole-turnover trade credit insurance policy
- if applicants’ trades are within the UK with payment terms of no more than 120 days
- if the level of cover being compared to was in place for at least 30 days
- if cover was reduced on, or after, 1 October 2008
- if the reduction in cover was triggered by the credit insurance provider
This scheme does not cover exports. For further information, please click here.
SMMT members can now call the funding and business support helpline on 020 7344 9224, from 09:00 to 17:00, and speak to the member services team for advice and guidance on the various European, national and regional funding and business support schemes that are available. For advice and support from Department for Business Innovation and Skills (formerly the Department for Business, Enterprise and Regulatory Reform, BERR), e-mail berr.auto@berr.gsi.gov.uk or call 0845 600 9006.
Open Forum ‘manufacturing outlook for suppliers’ event – 2 June 2009
For information and presentations on this event, please click the view details button.
Business support event for motor manufacturing industry - 28 January 2009
For information and presentations on this event, please click the view details button.
HM Revenue & Customs
Time to Pay (TTP) arrangements have been established by HM Revenue & Customs (HMRC) to support businesses who are worried about being able to meet tax, National Insurance, VAT or other payments owed or becoming due to HMRC. TTP arrangements allow viable entities that cannot pay on the due date to pay their tax over a period that they can afford.
For further information on this initiative please download the document which identifies the arrangement, details on eligibility, how to apply and contact details.
European
In the wake of the banking and ensuing economic crisis, the European Investment Bank’s (EIB) Board of Directors adopted on 23 September 2008 an initial series of measures to help businesses access funding. New SME loans were agreed, and following an extraordinary European Council summit to discuss European-wide measures to mitigate the effects of the credit crisis, the European Commission issued its “European Economic Recovery Plan”. The Plan highlights a series of funding and support measures for businesses and the automotive sector.
For further information on these initiatives please download the document which identifies a number of EIB facilities, details on key criteria and eligibility, how to apply and contact details.
National
The November 2008 pre-Budget report (PBR) was used by government to present its financial response to the economic downturn.
Within the Report, measures were announced for new funding in terms of assisting businesses that have been adversely affected by the downturn.
The following are government initiatives to be launch early in 2009 resulting from the PBR.
To view national support measures, please click the download button.
Regional
Through Regional Development Agencies (RDAs), the government consulted with businesses throughout the summer 2008 on pressures and challenges faced by each region in light of the economic downturn. RDAs (in collaboration with HM Treasury, BERR and regional ministers) produced responses outlining assistance for businesses on a region-by-region basis.
For further information on RDA support on a region-by-region basis, please click the view details button.
|
