Chamber secures £500,000 loan to launch skills service

THE Greater Manchester Combined Authority (GMCA) has approved a £500,000 loan to the Greater Manchester Chamber of Commerce.

It will use the cash as working capital as it rolls out a skills project funded by a £2.4m grant from the UK Commission for Employment and Skills’ Growth and Innovation Fund (GIF).

The chamber needs the loan because the funding will be paid in arrears every quarter.

“This means the chamber has a short-term cash flow requirement in order to be able to deliver the project,” states a GMCA report.

The chamber wants to set up a Greater Manchester Skills and Employment Hub with the Local Enterprise Partnership and the GMCA which will “drive the skills system” in the region.

The hub promises to develop an employer-led system; offer analysis of labour market information; focus on apprenticeships at small businesses; and link up employers with schools.

The loan must be repaid by November 30 2014. The interest rate was not disclosed.