A new product launch called Tooling Finance from Lloyds Bank Commercial Banking is set to help businesses in the automotive supply chain in the UK.

Companies throughout the automotive industry will be able to use Tooling Finance to help them invest in bespoke tools, which will then allow them to complete their contracts, reports Tyre Press.

Tooling Finance has been carefully tailored to manufacturers that have a good reputation in the automotive supply chain and will be able to give businesses as much as 90 per cent of the project costs.

Giving money to companies for their tools means that finances are then free to use as working capital and to invest in business growth, instead of being tied up in complicated machinery.

Dave Atkinson, UK head of manufacturing for SME, Lloyds Bank Commercial Banking, said: "We have a deep understanding of automotive manufacturing [...] we have developed a tolling finance solution that will support automotive manufacturers and suppliers in funding bespoke tooling."