More than 700 jobs have been saved by a fund set up to help companies struggling to come to terms with the aftermath of the MG Rover collapse.
The Advantage Transition Bridge Fund (ATBF) has lent £2.6 million to 11 companies who faced difficulties following the end of car production at Longbridge.
Another £18 million is on offer to help firms diversify, invest in new equipment and overcome cash flow problems through the scheme.
Paul Wheeler, chief executive of ATBF, said: "We are proud to have helped as many companies in such a short period of time.
"Investment of £2.6 million has been made available protecting hundreds of West Midlands jobs.
"This gives the companies valuable breathing space and also enables them to implement diversification plans and productivity improvements which will underpin their future competitive position."
The Advantage Transition Bridge Fund (ATBF) is a not for profit organisation whose members and directors are drawn from banks and professional firms and is jointly funded by Advantage West Midlands and the Department of Trade and Industry.
The fund provides loan finance of £50,000 to £500,000 to viable businesses which require additional finance in the short to medium term to enable them to respond to the consequences of MG Rover's collapse.
The loans are for up to three years, dependent on the requirements of the recovery plan and no personal security is required.
One of the companies helped is the Stafford Rubber Company, which employs 150 people at its base in Cannock.
The firm, which makes sound deadening pads, seals, gaskets, and anti vibration pads lost £1 million of business following the MG Rover demise.
Financial director Alan Challinor said: "About 15 per cent of our business was with MG Rover. We have had help from the wage replacement scheme, but the biggest help was the loan we got.
"We recevied £200,000, which helped replace some of the bad debts we had and the losses we suffered. It kept the company going."
