Social impact lender, GC Business Finance is calling for firms in Greater Manchester to apply for Bounce Back Loans before the scheme closes on 31st March.
The loans, which are 100 per cent guaranteed by the Government, are estimated to be eligible for approximately 98 per cent of Greater Manchester SMEs. Since November, GC Business Finance was also backed by Greater Manchester Combined Authority to manage a £10 million fund on top of the scheme, to support SMEs unable to access Bounce Back Loans via their bank.
As part of the Growth Company, GC Business Finance works alongside GC Business Growth Hub and other sister businesses to provide a tailored combination of financial and business support to SMEs across Greater Manchester. So far, Bounce Back Loans issued by the social lender have supported 400 jobs in Greater Manchester.
Paul Breen, Director at GC Business Finance, said:
We have seen extraordinary levels of demand from Greater Manchester SMEs for this support, emphasising a key funding gap that still exists for businesses looking to recover and grow following the impact of the pandemic.
“Driving the resilience of the Greater Manchester’s economy is something we are extremely passionate about, and we remain very much open for business. With more funds available for a limited period, I would therefore encourage any business whose existing providers are not a part of the BBLS scheme to get in touch and see how we can help you.”
Lou Cordwell, Chair of the Greater Manchester Local Enterprise Partnership (GM LEP), said:
This funding offers a vital lifeline and we urge eligible businesses to contact GC Business Finance to apply.?Businesses in Greater Manchester continue to show their resilience in the face of incredibly challenging circumstances. The pandemic has left previously thriving SMEs with reduced or no income while still needing to meet operating costs.?
“As we look towards the second half of 2021 with cautious optimism, a Bounce Back Loan could be decisive for a struggling business navigating the coming months. The scheme’s delivery through GC Business Finance also offers businesses a responsive, local partner, with a range of complementary support available through the Growth Company network.”
The most recently published figures released by the Treasury in January revealed over 150,000 businesses in the North-West had accessed the Bounce Back Loan Scheme, unlocking £4.5 billion.
More information about the scheme can be found on the government website.