Member Article

Greater Manchester secures £24m business loans

Businesses in Greater Manchester will benefit from a £24m fund made available by Business Finance Solutions (BFS) and backed by the Government.

Loans of between £3,000 and £100,000 will be distributed to companies over the next decade to finance growth and create or protect jobs.

Funding of up to £500,000 will also be available in some cases, on the condition that jobs are created or safeguarded.

The fund, which has been named as Manchester Business Loans, is now open for applications and is designed to help firms raise secure mainstream funding and to help entrepreneurs set up in business.

Recipients of the loan also have the option of talking to business mentors and support services, which will be delivered by the Business Growth Hub.

Paul Breen, director of BFS said: “Our mission is to make it easier for people to access the finance they need to start up and grow the businesses that will help the economy thrive.

“We work with many businesses across Greater Manchester who are finding it difficult to raise the finance they need through the traditional sources – the banks and building societies.

“They may have a good business idea that the traditional lenders find too risky, or are in a sector that the banks are not lending to at the moment. This is where the Manchester Business Loans can really help.”

Manchester Business Loans is supported by capital from the Regional Growth Fund and Manchester Solutions, and will be open to new or existing firms within Greater Manchester.

This was posted in Bdaily's Members' News section by Miranda Dobson .