Trafford Council has helped to launch 37 new town centre businesses, thanks to an innovative interest-free loan scheme.
The Town Centres Business Growth Programme allows firms to borrow up to £20,000 to set up in vacant units in Altrincham, Sale, Stretford of Urmston town centres, or access some extra cash for training or marketing.
The programme has been a huge success. Since its launch in 2013, it has leveraged more than £1.5 million worth of private sector investment into town centres and created 169 new jobs. Businesses to benefit have included gyms, restaurants, coffee shops, bars and gift shops.
New businesses which have opened recently thanks to the loan include The Assembly Bar and Kelder Wine Bar in Urmston and Funky Rouge Hair Boutique in Altrincham. In addition Head Bar in Stretford and California Coffee and Wine Bar in Altrincham are due to open next month, with a new café in Altrincham called Pita Box due to open in the new year . Two others businesses recently received marketing loans to help promote their businesses.
Andy Fielding, owner of Funky Rouge, on Moss Lane in Altrincham, was given a £14,000 loan to start his business. He said:
I put in a bid to the council, presented my business plan and was given a loan. Business is going well and it is getting very busy. The loan was great as it helped with cash flow for the business.
Businesses that have opened since the launch of the loan scheme, include The Barking Dog, a restaurant in Urmston; Flexi-minder Childcare in Stretford; and Blanchflower, a bakery and restaurant in Altrincham.
Claire Howells, who set up Blanchflower, said:
In our case, the £20,000 loan was part of much bigger round of funding but that should not lead anyone to underestimate its importance. Having the support of Trafford Council helped us solidify the support of other investors, partly by illustrating the Council's continuing support to the regeneration of our shared urban spaces.
Executive Councillor for Investment, Regeneration and Strategic Planning, Cllr James Wright, said:
This programme has been a massive success. We are committed to supporting our town centres in every way possible. This Council has helped dozens of new businesses to open and our town centres are thriving. The repaid funding is being reinvested in the town centres so it is a win/win situation for everyone.We have also reintroduced our Free After 3 parking scheme across Trafford to help make it easier for families to shop locally in the run up to Christmas.
Due to recent high demand, new applications to the scheme are currently on hold until sufficient funds are repaid. Please contact the Town Centres team on 0161 912 4176 to register your interest and be kept up to date regarding the availability of funding.
The vacancy rate across Trafford's town centres has fallen by 8.4% per cent since the scheme launched and empty units are being bought up – with many new openings being a direct result of Trafford Council’s support and investment.
Posted on Thursday 15th November 2018