The programme enables the amortization of tooling project costs over an agreed timeline dependent on the financial requirement.
The following guidelines provide an overview of the requirements:
- Financial minimum £70,000.00, maximum £2,000,000.00
- The lease period is dependent on the financial requirement and size of project ranging from two to four years in duration
- The client will be either the manufacturer, or the Tier 1 organisation, the toolmaker is not eligible for this programme
- The rate of interest is dependent on the financial strength of the manufacturer and their ability to pay in full the amount secured as a lease
- The contract will be between the asset management company and the manufacturer/tier1 over a set period of time.
- The manufacturer will pay either a monthly or quarterly agreed amount whilst the tools are being manufactured. During this time, the asset (tool or suite of tools) will remain the property of the asset management company
- On the satisfactory completion of the project, the manufacturer will pay a small administration fee, which will transfer the ownership to said company. This figure will be dependent on the financial requirement but will not exceed 0.50% of the sum financed at the lowest lease option set at £70,000.00
The GTMA Toolmakers Lease Programme is a partnership project with the UK Tooling Alliance
For further information, please contact Alan on 0121 601 6368 or email: firstname.lastname@example.org
This information provides only an overview of the regulations in force at the date of the publication. Detailed legislation or relevant advice should be obtained from professional advisors. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this document can be accepted by the authors or the Association