The British carmaker has been forced to suspend production at its UK factories for several weeks after being targeted by hackers.
The loan, from a commercial bank, is expected to give those suppliers some certainty amid the continued shutdown.
It will be paid back over five years, and will help to bolster JLR’s cash reserves as it pays back companies in its supply chain, who have been majorly impacted by the shutdown.
Jaguar Land Rover announced it would extend its pause in production until 1 October (Photo: Dave Thompson/PA Wire)
“Following our decisive action, this loan guarantee will help support the supply chain and protect skilled jobs in the West Midlands, Merseyside and throughout the UK.
The UK’s largest carmaker, JLR was hit by a cyber attack on 31 August.
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Kyle this week met workers and bosses at Webasto, which makes sunroofs for JLR.
In the aftermath of the attack, ministers have been in contact daily with JLR and cyber experts, as the company attempts to restart production.
She added: “This is exactly what the Government should be doing, taking action to protect jobs.
Prime Minister Keir Starmer (left) and Britain’s Chancellor Rachel Reeves speak to workers during a visit to a Jaguar Land Rover car factory in Birmingham in April (Photo: Kirsty Wigglesworth/Pool/AFP)
Shadow business secretary Andrew Griffith said: “It is welcome to see that the Jaguar Land Rover supply chain – an important capability in our country that creates and supports thousands of automotive jobs – is finally being supported by the Government with loan guarantees in precisely the way we suggested.
“Britain’s firms and manufacturers deserve a government that is not distracted by scandals and infighting and that understands business.”
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