LACK of access to finance and missing out on tax incentives are some of the biggest barriers to growth among automotive suppliers in Worcestershire, a survey has found.

Industry expert Rachel Eade revealed the news ahead of the Business Growth Service’s first Automotive Finance Expert event in the Midlands, taking place at MG Motors’ Longbridge site.

As national automotive lead for the Manufacturing Advisory Service, Ms Eade believes the seminar can help introduce new routes to finance, highlight research and development tax credit opportunities and unravel the different funding options available to growing manufacturers.

Delegates attending the free event will also hear from Professor David Bailey on the impact of the Budget and Jaguar Land Rover’s Mike Mychajluk on the risk analysis car markers use when assessing suppliers.

“Automotive Financial Expert is a direct response to what our supply chain was telling us they needed…additional insight in preparing for and securing the finance they need to grow,” Ms Eade explained.

“We’ve taken a hugely successful format and tailored it specifically for the sector, including speakers from JLR, the Chartered Institute of Purchase and Supply and Finance Birmingham, who will be talking in detail about the range of tools and funds available. Other sessions will cover export finance guarantees, getting the most out of capital allowances and then a panel discussion to tackle any other issues. It really will be an action-packed session featuring everything a supplier may need to know to help remove those barriers to growth. There are funds and support out there, but it’s not going to be given to manufacturers on a plate. They need to make sure they explore all types of finance and identify the routes that best suit their business and requirement. We can help with this and also in ensuring they present the best possible business case that communicates their growth plans effectively.”

Automotive Financial Expert is open to owners or directors of supply chain firms in the West Midlands.

To book your place, please contact 0300 303 0034 or visit www.mas.businessgrowthservice.greatbusiness.gov.uk