Walsall based metal pressing and assembly firm Genex has received more than £100k from Finance Birmingham in a deal that has helped secure a contract to supply parts to Jaguar Land Rover (JLR).
Finance Birmingham, which supports growing SMEs across England, helped Genex through its Tooling Loan Fund, to acquire essential tooling equipment. This allowed the company to produce component parts for JLR. With an initial contract secured, JLR are already placing orders for future projects.
The contracts awarded as a result of the funds represent substantial additional business for the company over the next five years. This has helped to create two new roles and secure 14 positions.
Stewart Beese of Genex, said: “Without these funds we would not have been able to invest and secure the stream of business that we have for the next five years. We are now planning to expand, take on more staff and even purchase a larger plant that will allow us to access a greater share of the market.
“The team at Finance Birmingham understood our business and our needs from the start. The whole process of working with them was very smooth and has unlocked a bright future for Genex.”
Finance Birmingham financed Genex with funds from its £24m Tooling Funding Programme, which has been supported by the Regional Growth Fund. The Fund helps toolmakers and component manufacturers fund the design, development and manufacturing of tooling or the expansion of tooling capacity. It is open to manufacturing companies seeking loans of £50,000 to £1m.
Steve Hetherington, Tooling Investment Director at Finance Birmingham, said: “These funds will not only provide Genex with the funds to boost its own growth, but will support the development of the UK’s growing automotive supply chain. It is vital that companies in this sector, which can have prohibitively high growth cost are supported. The long term impact they make on the economy and the UK’s place as a centre of innovation is vital.”