Social impact lender GC Business Finance has seen huge demand for Bounce Back Loan (BBLS) funding since being accredited in November 2020, with 400 jobs secured as a result of loans provided in the local area.
With only a limited time available to secure the funding, GCBF is now calling for any eligible firms in Greater Manchester to apply for a Bounce Back Loan.
In November, GC Business Finance became the first lender in the UK accredited to provide BBLS to be backed by a local authority, managing £10m of emergency funding from Greater Manchester Combined Authority (GMCA).
The fund targets eligible SMEs unable to access Bounce Back loans from their own banks and which are based in and trading from GM. GCBF is offering BBLS loans of up to £50,000 packaged with integrated business support in a local approach unique across the UK.
This includes Pearson Quality Homes, a Wigan-based residential developer, that secured a five-figure loan in December. As a result of Covid-19, the firm had seen a development in Wrightington delayed by 13 weeks, and will use the funding to complete the development and consider new sites across Lancashire.
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.
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.
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.”