A GBP3.5m support package to help automotive suppliers in the region get through the economic downturn was launched this week by the West Midlands Taskforce.
The funding, which will come from Advantage West Midlands and the European Regional Development Fund, is designed to provide struggling component part makers with up to GBP50,000 of specialist strategic consultancy to help with business consolidation, refinancing, new product introduction and restructuring.
The Automotive Recovery programme will be delivered by the Manufacturing Advisory Service in partnership with Accelerate and hopes to assist around 120 companies, ranging from small businesses to Tier Ones and even local car producers such as Jaguar and Land Rover.
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It is anticipated that this dedicated support will safeguard up to 1,000 jobs in the supply chain.
