Regional Growth Fund Round 4
On July 10 2013, the Department for Business, Innovation and Skills approved an allocation to create a mezzanine loan fund across the Greater Birmingham & Solihull and the Black Country LEP areas in addition to a national tooling fund through Round Four of the Regional Growth Fund.
The the new fund, when it gets up and running later this year, will make mezzanine-style loans available for growth capital of up to £2 million.
It will use the governance and delivery already used through the Advanced Manufacturing Supply Chain Initiative and build on the work of Birmingham City Council’s Loan Fund.
In addition, the Regional Growth Fund has approved a bid for a national Tooling Loan Fund for the automotive sector.
It will fund the expansion and increase the competitiveness of the existing tooling capacity by helping businesses secure new work as well as securing the repatriation of overseas-based tooling business to this country.
The fund also made allocations to three companies whose applications were supported by the GBSLEP: Jaguar Land Rover (three bids), NVC Lighting Ltd in Rubery and TRW Automotive in Birmingham.