New business funding pot for Greater Manchester

A new Government-backed initiative is launching today, to offer affordable finance to companies in Greater Manchester.

Manchester Business Loans provides business funding which is available for start-ups or for companies looking to achieve business growth.  It is ideal for firms which may have trouble accessing mainstream finance and is designed to help them to create or protect jobs, helping to grow the region’s economy.

A total of £24 million will be invested in helping business growth throughout the 10 local authority areas in Greater Manchester, over the next 10 years.

Easy access

“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,” Paul Breen, Director of Business Finance Solutions which is delivering the loans, 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.”

Loans are available for new or existing businesses and recipients will also have the option of talking to business mentors and support services, which will be delivered by the Business Growth Hub.

Commercial premises

Bizspace provides flexible workspace at business centres throughout Greater Manchester, which can offer an ideal solution for both start-up businesses and companies which are looking to expand into a larger commercial premises.  Our affordable business space offers flexible solutions for both short term property occupation or longer term commercial property leasing.

We provide a range of flexible workspace, including office space, industrial units, workshops,studios and meeting rooms.

We also have some fantastic special offers for start-ups, as well as resources to help fledgling firms hit the ground running.

Our Greater Manchester business centres are located in:

• Altrincham
• Ashton-under-Lyne
• Bolton
• Manchester – Newton Heath
• Manchester – Old Trafford
• Manchester – Trafford Park
• Oldham – Hollinwood
• Oldham – Saddleworth
• Rochdale – Moss Mill
• Stockport – Cheadle Heath
• Stockport – Reddish

Apply for a loan

Businesses or entrepreneurs can apply online for the Manchester Business Loans, which are backed by capital from the Regional Growth Fund and Manchester Solutions.  Typical loans will be from £3,000 to £100,000 in value, but loans of up to £500,000 will also be available.