Empowering West Midlands Suppliers: The Future Fit Cohort Initiative
Introduction to the Future Fit Cohort
In an effort to support local businesses facing financial challenges, the Future Fit Cohort initiative, delivered by Oxford Innovation Advice and funded by the West Midlands Combined Authority (WMCA), serves as a crucial lifeline for firms. This initiative is aimed at helping businesses in the West Midlands navigate the complex funding landscape, address cashflow issues, and secure financing tailored to their unique needs.
Source: Jaguar Land Rover Sign
Addressing the Impact of Recent Events
Recent disruptions at Jaguar Land Rover (JLR), with significant manufacturing operations located near Wolverhampton, Telford, and Solihull, have prompted local suppliers to seek assistance. The temporary halt in production at JLR has caused ripple effects across the supply chain, leading some firms to utilize the support available through the Future Fit Cohort to mitigate short- and medium-term challenges.
Support for Tier Suppliers
The Future Fit Cohort focuses specifically on providing critical information and guidance to tier 1, 2, and 3 suppliers. A series of tailored events are being organized to help business leaders navigate the various support initiatives currently in place. This initiative also offers valuable external advice on business planning and securing investment.
Real-World Impact: A Case Study
One noteworthy example of the initiative’s effectiveness involves the management team of a local pressings manufacturer. The team has successfully accessed a £150,000 loan facility, offering financial security to bridge the gap while they await the resumption of production.
Addressing Financial Challenges
Sharn Hayward-Higgs, a specialist from the Investment Readiness team, highlighted the serious impact that interruptions in the supply chain are having on West Midlands businesses. “We are hearing daily about finance issues and potential redundancies,” she stated. “These sound businesses deserve every opportunity to survive and thrive, which is what we’re striving to achieve with the ‘Future Fit Cohort.’”
Expert Guidance Available
The initiative features a dedicated team of experts who are well-versed in government loan guarantee schemes and financing options. The next major event, a “Meet the Funders” session scheduled for October 15, aims to provide suppliers with insights from leading financial institutions, helping them to quickly access needed funds.
Previous Cohort Sessions: Key Topics Covered
The first three sessions of the Future Fit Cohort have focused on:
- Decarbonisation and Diversification
- Digital Skills Transformation
- Automation for Enhanced Manufacturing Productivity
Notably, firms like SWAI Ltd and Garfield AI participated in these sessions, showcasing their software solutions designed to assist businesses in targeting new market sectors and claiming unpaid invoices.
Upcoming Seminar: Insights and Opportunities
The upcoming seminar is attracting considerable interest and promises to be the most well-attended event to date. Presenters will include representatives from:
- Barclays
- ART Business Loans
- Frontier Development Capital
- Midven (Co-Investment Fund)
Participants will also have the opportunity to engage with Forvis Mazars to discuss optimizing investment planning and building robust investment cases.
Open Registration for Suppliers
Sharn emphasized the importance of having more JLR suppliers join the Future Fit Cohort. “Places are still available for this event, and we encourage local businesses to take part,” she noted.
The Need for Investment
According to a recent Investment Readiness survey, most manufacturers in the West Midlands are seeking investments between £50,000 and £250,000 over the next two years. This funding is intended for:
- New machinery
- Automation initiatives
- Energy efficiency upgrades
- Expansion, training, and export efforts
Overcoming Barriers to Success
Sharn highlighted that businesses are actively seeking support in areas such as:
- Grant and finance applications
- Crafting solid business plans and financial forecasts
- Navigating tax reliefs like R&D
However, high initial costs, economic uncertainty, and a lack of awareness regarding funding sources remain significant barriers to success.
Conclusion: Join the Future Fit Cohort Today
The Future Fit Cohort is designed to empower West Midlands suppliers during challenging times, particularly exacerbated by recent disruptive events. Suppliers seeking immediate assistance are encouraged to reach out for advice through the Investment Readiness contact page here.
Join the Future Fit Cohort today via the Eventbrite website and take the next step toward securing your business’s future.
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