A WORCESTERSHIRE business has become one of the first in the UK to benefit from an initial £25m set aside by RBS and NatWest to specifically support the automotive industry.

Kidderminster-based DMS Chromium Plating Limited specialises in electroplating injection-moulded plastics and is a supplier to major original equipment manufacturers across the country. The business, which has 100 employees, has banked with RBS for seven years.

It has taken advantage from the initiative RBS Tooling Finance, which was developed as a bespoke solution to an urgent requirement for funding assistance to support sector growth.

It was launched in 2014 in response to feedback from the UK Automotive Council and the automotive supply chain, which showed that automotive suppliers in particular needed funding in incremental stages to meet a growing demand from manufacturers.

DMS managing director Chris Sharpe said: "I have always appreciated the expertise that RBS holds in terms of our sector; they understand us and our needs. We are a Tier II supplier which ultimately supplies in to JLR and this facility effectively provides us with an additional funding avenue. We have borrowed an additional £250,000 which will help us purchase the specific tooling required in our manufacturing process, taking pressure off vital liquidity going forward.”

Richard Hill, head of automotive and manufacturing at RBS, added: "The launch of the RBS Tooling Finance was a solution to help the UK’s supply chain fulfil its potential. I am delighted to see businesses now begin to benefit from this funding stream, particularly in the West Midlands where the automotive sector has such a strong presence. I am proud to know that through the scheme we are supporting our customers’ growth, like DMS, through efficient working capital management.”