Businesses in the automotive supply chain that need to invest in bespoke tools to complete contracts are to get specialist support, thanks to the launch of a new Tooling Finance product by Lloyds Bank Commercial Banking.
Tooling Finance is tailored to manufacturers with a proven track record in the automotive supply chain, and provides up to 90 per cent of the project cost upfront, with typical terms of up to 24 months. By freeing up cash that would otherwise be tied up in machinery, tooling finance aims to take
the pressure off working capital and providing ambitious businesses with the capital to invest in growth.
It has been developed specifically to back the 2,049 firms and 78,000 workers in the UK automotive supply chain, and comes with support from Lloyds Bank’s experienced manufacturing relationship managers.