The West Midlands automotive sector received a boost recently as Lloyds Bank was announced as the first sponsor of Drive West Midlands.
The Drive West Midlands programme supports the region’s 1,100 automotive supply chain firms looking to grow, and helps attract new automotive investors to the industry.
It will work with Lloyds Bank to help develop a growth strategy for the sector, and comes following the launch of the bank’s new tooling finance product, which supports businesses in the automotive supply chain that need to invest in bespoke tools to complete contracts.
Lloyds Bank will also work with Drive West Midlands to boost competitiveness, introduce new products like tooling finance more quickly, and address the sector’s skills shortage to help futureproof the automotive supply chain.
Additionally, the partnership will see the two organisations exhibiting together at trade events, starting with global event Automechanika at the NEC on 7th - 9th June 2016.
Andy Moss, manufacturing area director at Lloyds Bank Commercial Banking in the Midlands, said: “The automotive industry is crucial to the continued growth of the West Midlands economy, and with recent figures showing a sharp increase in engine production and new car registrations, it is clear there are significant opportunities in the sector.
“We’re proud to be the first Drive West Midlands partner and we’re looking forward to working with the team to develop a programme that helps to equip the automotive supply chain with the skills, expertise and funding it needs to fulfil its potential.”
Drive West Midlands www.drivewestmidlands.co.uk
