Manchester firms gain £6m of European loans

BUSINESS Finance Solutions, a not-for-profit organisation run by Greater Manchester Chamber of Commerce, has now sanctioned more than £6m of loans to small businesses.

The loans, which come from the European Regional Development Fund (ERDF), have been distributed to firms across Manchester, Stockport, Salford, Tameside, Trafford and Cheshire.

In total, the organisation said that it has loaned amounts ranging from £3,000 to £50,000 to more than 360 businesses, helping to create or safeguard more than 1,5000 jobs.

The loans have been offered under the Small Business Loan initiative aimed at companies who have been refused finance from mainstream funders, such as high street banks.

Paul Breen, Business Finance Solutions’ fund operations manager, said: “It’s great that we have been able to help hundreds of businesses across the region grow and develop.

“Our process is such that we do not credit score; the applications are judged solely on their business merits, the chances of success, and growth potential. We also have specific funds available for businesses in the technology and innovation sectors.”