Over half of £19m AMSCI funding delivered in first eight months of project
MORE than half of a £19m pot designed to boost component companies working in the various manufacturing supply chains in the West Midlands and Liverpool has been committed – less than eight months into the life of the fund.
The West Midlands and Liverpool City Regional (WMLCR) programme is a separate regional spin-off of the Government’s Advanced Manufacturing Supply Chain Initiative (AMSCI), which is delivered through Finance Birmingham and which aims to support small manufacturers by funding creative supply chain projects.
More than 34 companies within the automotive and aerospace sectors have expressed interest in the fund since it was launched in March this year. Applicants have secured £10.1m of funding, leveraging £12m of private sector investment which created and safeguarded 422 jobs.
Additional applications totalling £4.1m are currently being considered and, if successful, will leverage a further £5.2m of private sector investment.
The WMLCR fund is available through Birmingham City Council via Finance Birmingham to businesses located within the four Local Enterprise Partnerships of Greater Birmingham and Solihull, Black Country, Coventry and Warwickshire and Liverpool City Region.
The aim of the fund is to support smaller manufacturers and increase the competitiveness of the UK’s manufacturing supply chains. It does this by providing funding at a regional level for research and development, training and skills, capital expenditure and working capital provision.
Sue Summers, chief executive of Finance Birmingham, said: “We have a thriving manufacturing industry here in the UK, and the AMSCI fund is making a significant contribution to its future, strengthening our supply chains and enabling the UK to continue competing on an international playing field.
“We’re not surprised by the high demand we’ve had for the regional WMLCR fund, which is a testament to the on-going innovation within the industry. Companies which would like to be considered for this fund should make their applications as soon as possible, to avoid disappointment.”
