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MIA  MOTORSPORT INDUSTRY ASSOCIATION

Advanced Manufacturing Supply Chain Initiative Fund

13 Feb 2012

A fund of up to £125m has been established with the aims of helping existing supply chains grow and achieve world class standards while encouraging major new suppliers to set up and manufacture here.

The initiative is based on an existing bid to the Government’s Regional Growth Fund (RGF) led by a consortium of four Local Enterprise Partnerships (LEPs) and Birmingham City Council which focussed on the automotive and aerospace sectors. This initiative is building on the successful RGF bid put forward by this consortium but now has a much wider remit in terms of geographical and sectoral coverage.
 
The fund will support applications that deliver economic growth. They should be in established advanced or high value manufacturing sectors, or in newer growth areas where the UK is well placed to take a global lead, such as energy renewables and other low carbon sectors. It provides a flexible approach to funding (grants and loans) and is designed to promote closer collaboration within the supply chain and to address market failures. A market failure is where the market, by itself, is not leading to an economically efficient outcome. In practical terms funding will be available to support the following areas, subject to the normal State Aid rules:

  • the purchase of capital equipment
  • R&D activity which improves manufacturing equipment, systems or processes
  • specific training and skills development to support the project

For more information on this fund please click here

 

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