S Kalyana Ramanathan / London March 12, 2009,
UK’s Business Minister Ian Pearson today said the £2.3 billion Automotive Assistance Programme is now open for automobile and automobile parts makers. Speaking at a seminar on supply chain in the automotive sector, Pearson said, “The Automotive Assistance Programme is now open for business. We are determined that this scheme delivers support as quickly as possible, and today's event was an important opportunity for companies and banks to understand how to access the scheme. We have already received a number of EoIs and look forward to other companies.”
The scheme to facilitate loan and loan guarantees now has clearance from the European Commission and is inviting applications. It applies to the UK automotive sector and supply chain with a turnover of over £25 million.
“The government has put the scheme in place and has now clearly set out the criteria against which applications will be judged. Now it's up to companies to come forward with their bids,” he said.