GC Business Finance provides over £7.8m during lockdown to NW SMEs

Social impact lender, GC Business Finance has provided over £7.8 million of funding to over 300 small businesses in the North West since March.

The lender has received over 3,000 applications for finance from businesses in the region since the start of the Covid-19 lockdown. £3.1 million has been provided through the Coronavirus Business Interruption Loans Scheme (CBILS) and a further £3 million through its flexible Start-Up Loans product. The remaining funding has been lent through funds managed on behalf of Lancashire County Council for businesses in the county.

Chris Hutchison (pictured), Head of Lending at GC Business Finance, said:

During this challenging time, it was crucial that North West entrepreneurs had access to the financial support they require, both to stabilise in the short term and position their business for future growth. Helping local businesses is something we have built our business on, and we are proud to have been able to support so many SMEs in recent months as well as look forward to continuing to support these businesses going forwards as CBILs comes to a close.

“We recognise, however, that the job is not done. With the banks’ appetite for lending beginning to dip, owners need to know the options that they have at their disposal. We remain open for business and look forward to working closely with more of the region’s ambitious entrepreneurs in the coming months.”

GC Business Finance aims to work specifically with businesses that are unable to access traditional lending streams and has been continuing to work with businesses in the region as restrictions on businesses have been lifted, and also offers further support through the wider Growth Company, as well as equity investment via GC Angels.