The MIA has been working tirelessly to ensure the Government is aware of the interests and difficulties of all UK members and where they can, they are keen to assist. Last week Business Minister, Ian Pearson, explained what companies must do in order to apply to BERR for support under the new “Automotive Assistance Programme”.
MIA CEO, Chris Aylett said “This new scheme from BERR will help and encourage our larger UK motorsport companies move ahead with major investments, which may have been held back due to the current economic climate and a lack of confidence or availability of finance. All engineering companies in Motorsport Valley UK, large and small, will gain from the 'trickle-down' from such investments and the global business and work they generate. There is a particular opportunity for investments linked to low carbon solutions and R&D which plays to the strengths of our motorsport community, and the growing 'green motorsport' initiatives led by the MIA.”
The £2.3 billion scheme to facilitate loan and loan guarantees with a minimum of £5 million, has now had clearance from the European Commission and is welcoming applications. It applies to the UK automotive sector and supply chain, which includes companies from motorsport and high performance engineering and have a turnover of more than £25 million.
New investment is vital to ensure our industry emerges from the current downturn with the skills and technology base needed to be competitive in global markets as well as taking the lead in the development of lower carbon transport. The primary aim of this new package is to support the continued delivery of that investment - investment that creates or sustains jobs, develops cutting-edge technology, brings special value to the UK, reduces CO2 emissions and maintains and develops R&D in UK vehicle manufacturing, and the automotive supply chain - including motorsport.
Further details of the scheme can be found by following this link http://www.berr.gov.uk/whatwedo/sectors/automotive/aap/page50296.html or please click here for a press release.
To register an initial expression of interest, simply email the Automotive Unit at BERR berr.auto@berr.gsi.gov.uk. When doing so it will be necessary to provide your business name and address in full, email, telephone and full name of contact.
