Finance provider has £950,000 just for technology companies

A GOVERNMENT-backed initiative which provides alternative finance for existing and start-up businesses has been given almost £1m to distribute to technology companies.

Manchester-based Business Finance Solutions (BFS) has been given £950,000 funding by the European Regional Development Fund (ERDF).

The funding is part of a larger grant of £1.9m received by BFS to help businesses in South Manchester and Cheshire which have tried but failed to secure loans from mainstream lenders.

Paul Breen, fund operations manager for Business Finance Solutions, said: “Half of the European Regional Development Funds we have received need to be allocated to small and medium-sized technology companies, so we are appealing for those that have tried to access finance from mainstream banks and building societies and have a workable business plan to come forward.

“New companies must have already completed the research and development phase and have their product or service ready for market before they are able to apply.”

Manchester-based Gatszu.com has received a grant of £50,000 last month after launching an online recruitment company.

It used the money to develop bespoke software that assists its website and has already won a national award for innovation.

Founder of Gatszu.com Ltd, Stuart Murray, said: “The funding received from Business Finance Solutions enabled us to get our company up and running.

“BFS understood our business needs and could see that we had a viable business plan and a clear vision for the future.

“The loan will enable us to expand our business development and customer relations teams and help us to grow our revolutionary concept of an online recruitment marketplace even further.”