Automotive suppliers seek better access to finance

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The Society of Motor Manufacturers and Traders has launched a supply chain finance initiative, Meet the Funder, which aims to bring together suppliers with lenders.

“Improving access to finance is vital for the growth of the UK automotive supply chain and to securing high-value jobs and prosperity for the long term,” said Paul Everitt, SMMT chief executive.

“I am delighted that the finance and automotive industries are working together to build strong commercial relationships and maximise the opportunities flowing from sustained investment by global vehicle manufacturers.

The first even attracted 125 UK-based suppliers to meet more than 25 lenders, to discuss the financial needs of the UK’s £4.8bn supply chain and improve the two-way dialogue between the sectors.

In June, SMMT launched its Supply Chain Finance Report which outlined the main financial and growth constraints affecting the UK’s diverse automotive supply chain.

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