What's Happening?
The Investment Readiness Programme, funded by the West Midlands Combined Authority, is offering financial advice and support to suppliers affected by the recent cyber-attack on Jaguar Land Rover (JLR). The programme, delivered by Oxford Innovation Advice, aims to help tier 1, 2, and 3 suppliers navigate available support packages, including grants, finance, and tax reliefs. The initiative includes the 'Future Fit Cohort,' which provides crucial information and external advice on business planning and investment. The programme has already assisted a pressings manufacturer with a £150,000 loan facility to bridge the gap until JLR resumes production.
Why It's Important?
The cyber-attack on JLR has disrupted the supply chain, causing financial strain on suppliers. The Investment Readiness Programme is crucial in providing immediate support to these businesses, helping them survive and recover from the impact. By offering guidance on accessing funds and building solid business plans, the programme aims to prevent potential redundancies and business closures. This support is vital for maintaining the stability of the automotive supply chain in the West Midlands, which is a significant contributor to the local economy.
What's Next?
The programme will continue to host events, including a 'Meet the Funders' event, to provide suppliers with opportunities to connect with financial institutions and explore funding options. The focus will be on helping suppliers understand government loan guarantees and access funds quickly. As the situation evolves, the programme may expand its offerings to address emerging needs and ensure the long-term resilience of the supply chain.
