Chamber/RBS SME funding scheme moves forward

A SCHEME led by Manchester Chamber of Commerce in partnership with Royal Bank of Scotland to provide small businesses with finance, has completed its first deals.

So far £175,000 has been lent by Business Finance Solutions to small business customers of Royal Bank of Scotland and NatWest, who fall outside the ordinary lending criteria.

The latest recipient is small Manchester film company Don’t Touch Me Productions, which has borrrowed £35,000 to buy new kit.

Launched last year by RBS Group chief executive Stephen Hester, the link between Manchester-based Business Finance Solutions and RBS/NatWest has seen staff from the bank seconded to the organisation.

NatWest Relationship Manager, Brian Devlin, was seconded to Business Finance Solutions (BFS), part of Greater Manchester Chamber of Commerce’s service company,

Paul Breen, business finance director at Manchester Solutions, said: “Our partnership with RBS/NatWest means that we can help to finance even more businesses that have been unable to obtain some or all of the funding they need from mainstream sources, such as banks and building societies, and introduce businesses to alternative sources of funding and advice.

“We have already received a number of good referrals through Brian’s secondment with us and we hope to be able to help many more firms in the weeks and months to come. RBS/Natwest should be applauded for the commitment they are showing in trying to help small business in Manchester in this unique way.”

Business Finance Solutions provides Government-backed loans from between £3,000 and £50,000 to businesses based in Manchester, Stockport, Trafford, Salford, Tameside and Cheshire.

It is understood that a high profile chairman from the Manchester business community will be appointed in the coming weeks as BFS prepares to ramp-up its activities to stem the funding gap.