MP hails welcome boost for manufacturing
Jim Cunningham, MP for Coventry South, has today welcomed a new £12 million boost for the manufacturing industry in the West Midlands.
The funds have been pledged to businesses in the West Midlands by Advantage West Midlands and the European Regional Development Fund. The Manufacturing Advisory Service (MAS-WM) which will administer the funds estimates that it will enable them to support up to 3,000 small and medium-sized businesses over the next 2 years. Firms are eligible if they employ 250 workers or less. The funding is available from today until 31st March 2012.
Manufacturing, a core component of the West Midlands economy has taken a severe hit during the recession, with multiple site closures and redundancies.
After hearing the announcement, Jim Cunningham MP commented:
"This is a much needed boost for manufacturing in the West Midlands. We have suffered greatly during the recession, and seen many viable companies dramatically reduce their overall output, or cease to be altogether.
"I have been pressing the Government for many years on the importance of manufacturing to our economy, and the need to make sure it is supported in difficult times, raising it time and again in the House of Commons. This announcement from the Manufacturing Advisory Service-WM is excellent news.
"We have a highly skilled workforce here in the West Midlands – I will continue my fight to ensure that the needs of the manufacturing industry are represented at the highest levels."
Lali Liddar, Finance Director for the Manufacturing Advisory Service in the West Midlands said:
"Manufacturers in the region have been hit particularly hard by the recession and having access to specialist support that delivers real bottom line benefits will be crucial in helping them emerge successfully from the downturn.
"Advantage West Midlands has once again signalled its commitment to the sector and the funding will immediately be channelled into helping companies improve processes and develop innovative products that will ensure a sustainable future for the industry."
