Manchester Business Loans, the government-backed initiative managed by Business Finance Solutions and aimed at helping businesses across Greater Manchester, has reached the £1m mark since its launch in April.
Business Finance Solutions which has £24m to lend, has already sanctioned over £6m to businesses; Manchester Business Loans can help local businesses find finance, grow, and create or protect jobs. Their remit is to make it easier for Entrepreneurs to access the finance they need to start up and grow the businesses that will help the economy thrive.
The fund is aimed at businesses right across Greater Manchester who are finding it difficult to raise the finance they need through the traditional sources – the banks and building societies. For example, entrepreneurs who have a good business idea that the traditional lenders find too risky, or in a sector that the banks are not lending to at the moment.
Manchester Business Loans are available to new business start-ups and existing businesses with a viable business plan, the abiity to make the repayments and demostrate that loan will help to create or protect jobs but who have unsuccessfully sought finance elsewhere. They are expecting to lend over £24m to growing businesses in Greater Manchester over the next 10 years.
The loans will typically be between £3,000 and £100,000, but larger loans may be available. The loan interest rate will be between 10% to 15% unsecured, flexible and affordable.
A quick decision is assured that is based upon the quality of the business but not on credit scoring.
Find out more at – http://www.economic-solutions.co.uk/
or Speak to our team on 0161 237 4021
Start Up Loans partner delivers £24 million in funding for UK new businesses 
Consortium backs Northern businesses with over £1.7 million in NPIF II Smaller Loans 
HMRC revises interest rates following Bank of England rate cut