A £24m loan fund aimed at Greater Manchester small and medium-sized businesses was launched today as reported at MEN online this morning.
Over 60% of Greater Manchester businesses are SMEs (with upto 250 employees) and are eligible to apply with loans of up to £500,000 available. Applicants for the funding must be able to demonstrate that any loan granted will help create or protect jobs.
The scheme – Manchester Business Loans scheme – is reported as “not necessarily an alternative to bank finance, but to be used alongside high street lending packages”.
Typical loans that will be granted will range from £3,000 to £100,000, according to Paul Breen, director of Manchester-based Business Finance Solutions.
BFS will oversee the fund in Greater Manchester, which will operate for 10 years. All cash paid back will be made available again to the loaned out.
Read the full article at MEN