'Meet the Funder' event will boost auto industry lending

More than 20 high-profile banks, financial support services, and venture capitalists have signed-up to attend SMMT's 'Meet the Funder' event later this month, keen to enhance their understanding of the UK's automotive supply chain and boost funding in the sector.

With confirmed support from some of the UK’s largest high-street banks including Barclays, HSBC, Lloyds TSB, Royal Bank of Scotland and Santander, SMMT’s ‘Meet the Funder’ event is set to be the largest automotive-specific access to finance networking event of its kind, providing a forum to build new and strengthen existing relationships and boost lending in the auto industry.

Responding to key recommendations set out in the Society’s Supply Chain Finance Report launched in June, SMMT’s ‘Meet the Funder’ event will match around 100 automotive supply companies with the lenders attending, hosting one-to-one meetings to discuss current financial products and individual business needs.

“Improving access to finance is vital for the growth of the UK automotive supply chain and to securing high-value jobs and prosperity for the long-term,” said Paul Everitt, SMMT Chief Executive. “I am delighted that the finance and automotive industries are working together to build strong commercial relationships and maximise the opportunities flowing from the sustained investment by global vehicle manufacturers.

“SMMT’s ‘Meet the Funder’ event is designed to progress relationships and facilitate discussion between banks, non-bank lenders and industry. This will help to build trust and overcome barriers to successful business development.”