Businesses that have been unable to access the Bounce Back Loan Scheme, because their bank is not a provider, received welcome news this week as Greater Manchester Combined Authority announced its partnership with GC Business Finance (GCBF) to help to plug the gap.
£10 million of emergency funding has been made available on a first come, first served basis to support businesses based in Greater Manchester, whose bank is not a provider, to access Bounce Back Loans.
Approximately 98% of Greater Manchester SMEs are said to be eligible for the Bounce Back Loans which:
- range from £2,000 up to 25% of a business’ turnover or £50,000, whichever is lower;
- are 100% guaranteed by the Government;
- are delivered by GCBF and funded by GMCA;
- are due no interest in the first 12 months, with an interest rate set at 2.5% after the first year.
You may be eligible if you meet the following criteria:
- You are a UK resident with a business or registered charity in Greater Manchester.
- Your business was established before 1st March 2020.
- You can certify your business has been impacted Coronavirus (COVID-19).
- You can certify the business is not in bankruptcy, liquidation or undergoing debt restructuring.
GCBF is part of the Growth Company and is the UK’s only non-profit government-backed loans provider accredited by the British Business Bank under the Bounce Back Loans Scheme.
“This is the first instance of a UK Combined Authority offering to support the distribution of BBLs and is a big move by GMCA to protect and support SMEs in the region” commented Andrew Copping, Director. “It is, however, a limited fund and once it is fully committed it will close. That’s why we’re encouraging eligible clients to apply at the earliest to secure the funding.”
Other useful links:
- Click here to check whether your existing bank is a BBL provider.
- Click here to check your eligibility.
Additional support: Local Restrictions Support Grants
You may also be able to benefit from Local Restrictions Support Grants which are being distributed by Local Authorities. As a reminder, these are grants available to support businesses forced to close during local and national lockdowns. For more information, contact your Local Authority:
How can we help?
We understand that these are challenging and uncertain times, and continue to be available to discuss your current situation and the financial support available. If you have new business concerns, or would like help navigating the support you can access, contact your usual relationship practitioner, email email@example.com or call us on 0161 905 1616.