New Business Finance Solutions fund to support Greater Manchester businesses launches today. Business Finance Solutions (BFS) is launching the Manchester Business Loans, a £24m fund designed to help businesses across Greater Manchester to find finance, grow, and create or protect jobs.
The government-backed initiative will see over £24m invested into growing businesses in Greater Manchester over the next 10 years. A condition of the loan is that it must create or protect jobs and typical loans will be from £3k to £100k in value, but loans of up to £500,000 will also be available.
Paul Breen, Director of Business Finance Solutions which is delivering the Loans in Greater Manchester, 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.”
The loans can be applied for online and are designed to help businesses that have been unable to secure mainstream funding and to make it easier for entrepreneurs to access the finance they need to start up and grow their own enterprises. Recipients of the Manchester Business Loans can also be introduced to business mentors and to other business support services, which will be delivered by the Business Growth Hub.
Manchester Business Loans is a Government-backed product with capital from the Regional Growth Fund and Manchester Solutions. They will be available to new or existing businesses based within the 10 Local Authority areas of Greater Manchester.