An independent finance house is urging the manufacturing sector to make sure they are fully prepared for potential projects in the near future, following the proposed growth of the industry.
Leicestershire-based County Finance Group is urging the manufacturing sector to ensure that they are equipped to meet investment demands, following a recent article published by The Manufacturer which suggested that 50% of companies are expecting to spend capital on new machinery and equipment over the next six months.
“Government funding being rolled out nationally is undoubtedly a talking point amongst those in the manufacturing sector,” Darren Shaw, director of County Finance Group, explained. “But many people still don’t know about the schemes and initiatives that are available, and how they work or how they can benefit their business.”
The Manufacturer reported that SMEs in the sector are set to meet investment demands, with 50% of those questioned by the Manufacturing Advisory Service (MAS) confirming that they expect to spend capital on new machinery and premises in the next six months – a 12% rise in the same period last year.
“Clients wishing to expand their facilities or broaden their range of equipment can effectively get a 25% grant towards the cost, as long as they can demonstrate that they have a banking partner to fund the remainder,” said Shaw. “Many manufacturing businesses think that purchasing new equipment, machinery and refurbishing warehouses or offices is a long way away, but in such a crowded market where it’s imperative to stand out amongst competitors, there really couldn’t be a better time to start preparing for upcoming projects.”
Shaw considers The Regional Growth Fund (RFG) to be a beneficial scheme for the UK wide manufacturing sector, which aims to create various jobs between now and the mid-2020s. The scheme heavily supports projects and programmes that are using private sector investment to create economic growth and sustainable employment.
“I’d urge any interested individuals or businesses involved in the manufacturing sector to get in touch on 01455 200 150, e-mail sales@countyfinancegroup.co.uk or visit the website www.countyfinancegroup.co.uk,” Darren concluded.
