BFS lends landmark £5m to SMEs

A MANCHESTER-based organisation which was established to lend money to companies which might have been refused loans from banks has now lent over £5m.

Business Finance Solutions has now lent the funds to businesses in the North West as part of its Small Business Loan initiative.

The loans – which come from the European Regional Development Fund (ERDF) – have been distributed to over 330 businesses across Manchester, Tameside, Trafford, Stockport, Salford and Cheshire, and have safeguarded or created over 1,400 jobs.

Business Finance Solutions (BFS) is a not-for-profit, government-backed organisation that provides alternative finance for existing and start-up businesses that have been refused loans in part, or whole, from mainstream sources, such as high street banks.

It offers loans from £3,000 to £50,000 which have helped to generate millions of pounds in investment in the region.

Paul Breen, Business Finance Solutions’ fund operations manager, said: “It is fantastic that we have been able to help so many businesses and step in where mainstream banks and building societies have been unable to.

“There are still a lot of small businesses out there having problems securing finance and finding it tough to develop and grow their operations.

“BFS still has funding available and recently received £950,000 to lend specifically to companies in the technology sector as part of £1.9m allocated to us by the ERDF.”

More information about BFS can be found at www.business-finance-solutions.org.uk .