A new £20 million fund to help businesses tap in to the UK's growing rail supply opportunities has been launched today by Finance Birmingham.
Called the National Rail Supply Growth Fund, it was announced alongside the launch of a 'Rail Supply Group' strategy by the Department for Transport and Department for Business Innovation and Skills.
Finance Birmingham said the fund supported the mission of the programme by helping businesses across England take advantage of the expansion and modernisation of the UK's rail network, including High Speed Two between the city and London.
It is aiming to help both existing and new suppliers to increase and strengthen their capabilities, productivity and international competitiveness, leading to increased levels of employment and investment.
The fund will offer loans from £500,000 to £2 million to businesses, particularly those needing funding towards capital, new capital expenditure and product launches.
It builds on the national Advanced Manufacturing Supply Chain Initiative, also delivered by Finance Birmingham.
Sue Summers, chief executive of Finance Birmingham, said: "The rail supply sector needs to grow in order to meet the demands of an increasing number of rail projects here in the UK such as Crossrail and HS2, and globally.
"The fund has been set up to help those businesses out there that might already be part of the rail sector supply but also to those that will be new to rail.
"We have a strong track record of helping businesses across many different sectors regionally and nationally.
"We are really pleased to play a part in building the railways of the future by providing a new source of funding to build an innovative and responsive supply chain."
