Bankers meet auto suppliers to boost lending

22 November 2012

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22 November 2012 | Adam Leach

More than 100 face-to-face meetings between automotive suppliers and lenders were held at an event yesterday intended to increase the flow of financing within the supply chain.

The event in the West Midlands put together more than 125 companies from the supply chain, mainly SMEs, with some of the UK’s largest banks, such as Barclays, HSBC, RBS and Santander. The purpose of the event was to combine one-on-one meetings with larger discussions to try and overcome some of the barriers that are stopping banks from lending to SMEs.

Paul Everitt, chief executive of the event’s organiser the Society of Motor Manufacturers and Traders (SMMT), said in a statement: “Improving access to finance is vital for the job growth of the UK automotive supply chain and to securing high-value jobs and prosperity for the long term. I am delighted that the finance and automotive industries are working together to build strong commercial relationships and maximise the opportunities flowing from sustained investment by global vehicle manufacturers.”

A spokesman from the SMMT told SM that while the organisation does not plan to formally track impact the of the event, it is confident it will spark some positive progress in the campaign to increase financing in the automotive supply chain.

In September, a report conducted by KPMG on behalf of the SMMT suggested that the auto supply chain in the UK has a strong future. It identified £3 billion worth of upcoming contract opportunities for the sector's supply chain.

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