Lloyds launches ‘Tooling Finance’ funding package for NW automotive firms

Banking giant Lloyds has launched at ‘Tooling Finance’ loan package aimed at firms in the North West’s automotive supply chain.

The region’s supply chain comprises more than 2,000 firms employing 78,000 workers and is essential for major car manufacturers such as Jaguar Land Rover in Halewood and Vauxhall in Ellesmere Port.

Lloyds Bank Commercial Banking ’s Tooling Finance is tailored to manufacturers with a proven track record in the automotive supply chain, and provides up to 90% of the project cost upfront.

By freeing up cash that would otherwise be tied up in machinery, Tooling Finance aims to take the pressure off working capital and providing businesses with the capital to invest in growth.

Paul Jardine, relationship director for SME manufacturing firms in the North West, Lloyds Bank Commercial Banking, said: “We have a deep understanding of automotive manufacturing.

“Our clients through the supply chain in the North West are seeing increasing opportunities for growth. We also understand that high up-front costs can make investing in growth very difficult for firms that are looking to grow.”

SOURCE: LIVERPOOL ECHO

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