Creating and protecting jobs is at the forefront of a £24million initiative launched this week to help businesses across Greater Manchester grow.
The Manchester Business Loans, provided by Business Finance Solutions and backed by the government, will grant finances to businesses over the coming decade.
Loans ranging from between £3,000 and £100,000 will be most commonly handed out, though up to £500,000 will be available, while beneficiaries will need to show that the money has aided employment.
Paul Breen, Director of Business Finance Solutions, said: “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 scheme targets entrepreneurs who wish to access the finance they need to start up their own enterprises.
One business that is expanding as a result of the scheme is Levenshulme-based Trove, an independent cafe and bakery run by Marcus and Katy Saide.
Mrs Saide, 32, said: “We were having a lot of interest in wholesale bread and we couldn’t provide it, and we didn’t have enough resources or capital to invest in large bulks of flour.
“It’s a great way of providing capital to people who don’t have the size of business that the banks are willing to provide money to.
“For us, we’re able to get more staff and we have a little van that needs fixing, so it’s great.”
Recipients of a loan can also be introduced to business mentors and to other business support services, delivered by the Business Growth Hub.
Mr Breen 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.”
Picture courtesy of Trove, with thanks.
