BFS ready to bridge SME funding gap says Allport

SMALL Businesses in Greater Manchester struggling to find funding for growth in a tough lending environment have been urged not to take ‘no’ for an answer.

Speaking at a Financing Growth conference in the city attended by more than 200 people, Simon Allport, the new chairman of SME fund Business Finance Solutions, said: “There is help here – Business Finance Solutions is a unique opportunity for Greater Manchester companies to bridge the gap and access that funding for growth.”

BFS, currently has £7m to lend to small businesses, from £1,000 to £50,000. The bulk of this money, £5m, is from the Regional Growth Fund, while £2m has been committed by Manchester Solutions the economic delivery body.

Mr Allport, senior North West partner at Ernst & Young, the Big Four accountancy firm, has been appointed to chair BFS to help raise its profile in the business community, and to encourage lenders in particular, to refer businesses they are unable to fund, to its network of advisers.

He said: “One of our challenges is that people don’t really get what BFS does. The message is that we are here to help if you’ve been turned down for funding – we’re not working against the banks, but with them.

“If your business has been told you don’t have the right systems to meet banks’ lending criteria, or if you’ve been told you don’t have an adequate track record, or if your existing facilities are maxed-out, then we want to hear from you.

“BFS and the Growth Hub are there to step into this gap.”

Sale-based entrepreneur Clippy McKenna, who has created a food business called Clippy’s Apples, which she and her fiance Paul Gorman have launched into the retail market, winning listings in Tesco and Asda amongst others, said small business owners should “plan for growth from day one.”

She said: “There is help and advice available – don’t be afraid to seek it out, and don’t accept no for answer. If someone turns you down for funding, then it’s maybe about credibility of your business and product.

“If this is the case find a mentor or an adviser who does understand your business and who can help you get over this issue.”