Social impact lender makes final call for Bounce Back loans

GC Business Finance, a social impact lender, is calling for businesses ineligible for the Bounce Back loan scheme to access funding backed by GMCA before the scheme ends.

Through GC Business Finance, GMCA has funded over 150 businesses in the city-region with Bounce Back loans to top up the government-backed BBLS. Launched in November 2020, the Greater Manchester based fund is estimated to have helped save 500 local jobs.

With research from One World Express revealing that 25% of UK firms believe that they will not survive until the end of 2021, there are fears that this reopening will come too late for many. With this in mind, GC Business Finance is encouraging companies in Greater Manchester to take advantage of the BBLS scheme.

The scheme has been specifically allocated to support eligible SMEs that cannot access BBLS through their incumbent banking partners, the GM fund offers loans of up to £50,000 to businesses in Greater Manchester. The Bounce Back Loan Scheme will close to businesses on 31st March, and was not renewed by the Chancellor in his 2021 Budget.

Businesses now have until the end of the month to take advantage of the loan scheme to support reopening the economy as lockdown restrictions begin to be lifted. Prime Minister Boris Johnson indicated that major sections of the economy including non-essential retail, outdoor settings, indoor leisure and holiday accommodation could be set to reopen from 12^th April.

Paul Breen, Director of Business Finance at GC Business Finance, said:

The government’s roadmap to economic recovery is encouraging and we’re keen to support all eligible GM businesses to apply for a GM BBLS loan before the Fund closes at the end of March, now that they potentially have more clarity in their financial need following the dates outlined in the roadmap.

“By taking advantage of the scheme now, local businesses can recover from the negative impacts of the pandemic, prepare for the reopening of the economy and strengthen their cash reserves to cope with any unforeseen circumstances this year.”

As part of the Growth Company, GC Business Finance also offers a wider package of integrated business support alongside this funding in a local approach that is unique across the UK.