Loans for businesses
This is a fund managed by the Greater Manchester Combined Authority to encourage business growth and job creation in Greater Manchester.
Loans are available for eligible companies that are having difficulty accessing traditional forms of finance from the private sector. Loans will typically be for up to five years, with the commercial interest rates reflecting the risk profile of the business.
- flexible loans of £500,000 to £5 million
- no specific security requirements, although the level of security will impact on the interest rate
- no financial covenants attached to the loans; instead, information covenants to monitor outputs.
Projects can qualify if:
- they have been turned down by a bank or other lender but can sustain a level of debt repayment
- there is a funding gap (ie the business has secured some financing but needs additional debt support to proceed)
- they demonstrate a clear link to jobs secured within Greater Manchester. The focus of the programme is on new job creation, but jobs safeguarded will also be considered
Other support and finance solutions
For free investment readiness support and information or brokerage to other loan and funding solutions contact the Access to finance team at the Business Growth Hub (eligibility criteria may apply).