SMEs benefit from lender to the tune of £20m
MARKETINVOICE, Europe’s leading peer-to-peer business lender, is claiming it has helped power the unprecedented growth of Manchester’s small businesses by lending £20m to local entrepreneurs.
More than 250 loans have been made to local businesses through the innovative new platform, more than half of which have come since a major partnership was announced with the Greater Manchester Combined Authority.
Since partnering in November 2014, GMCA has been working with MarketInvoice to invest funds directly in Manchester businesses. The GMCA committed to funding up to £16m per year to Greater Manchester businesses using MarketInvoice.
The government-backed British Business Bank has also been strong supporters of business across the North West.
Since partnering with MarketInvoice in 2013 and renewing its support in September, the British Business Bank has committed £10m towards the peer-to-peer platform, leading to more £50m worth of funding for small businesses across Greater Manchester and the UK.
Anil Stocker, co-founder of MarketInvoice said: “We’ve always had a strong presence in the Manchester region, and the city is very much a part of our business’s identity, with our very own Northern branch just off Albert Square.”
“It’s great to see more and more businesses in the region using alternative finance to access much-needed funding, but we know Manchester’s business owners need more support to fulfil theirs – and the city’s – big ambitions.
“With the help of local partners such as the GMCA, we want to ensure every exciting and ambitious business in the region has access to finance.”
MarketInvoice is hosting a major event on November 26 to discuss how businesses can make more of new, online options for managing their finances.
Manchester City legend and entrepreneur Franny Lee will speak at the event about his experiences in business. The event will take place at One St Peter’s Square in Manchester and starts at 5pm.