Business minister Ian Pearson met with automotive firms and suppliers with turnovers of £25 million and above yesterday to inform them on how they go about getting some funding through the Automotive Assistance Programme (AAP).
The £2.3bn scheme was given the green light by the European Commission late last month having first been announced in January. It comprises £1bn of loan guarantees from Whitehall and a further £1.3bn borrowed directly from the EC.
“The Automotive Assistance Programme is now open for business,” said Pearson. “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 expressions of interest, and we look forward to other companies coming forward shortly.
“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 urged firms to use the money to become global leaders in low-carbon technology.
Separately, it was also announced that government is putting £27m towards a £400m programme for making a cleaner, greener Land Rover. This is not through the AAP.