GC Business Finance, a specialist social impact lender based in Manchester, is calling for local businesses who are ineligible for Bounce Back Loan (BBLS) through their own bank, to apply for Greater Manchester (GM) BBLS funding following the government’s announcement of a roadmap to reopen the economy.
Last week, 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 12th April.
However, 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 before the deadline expires on 31st March.
Funded by Greater Manchester Combined Authority (GMCA), the impact lender has already delivered BBLS funding to more than 150 GM businesses since the Fund launched in November 2020, saving over 500 GM jobs.
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 based in and trading from Manchester. 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.
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.
"If your banking partner does not offer BBLS funding, we can help. If you are ineligible for your bank’s BBLS funding, we can help. Our digitally enabled, uncomplicated approach to BBLS has already delivered a huge positive impact for more than 150 businesses across Greater Manchester, and we are looking forward to working with many more as the deadline approaches."