Trafford Council has approved a new Small Business Loan Fund to provide much-needed help to businesses across the borough
The Trafford Small Business Loan Fund, which was given the go-ahead by the Council’s Executive on Monday night, will back new-start and existing SMEs by offering finance at an affordable rate.
Businesses will be able to borrow between £5,000 and £25,000 repayable over two or three years at an interest rate of 6.2 per cent APR. The Fund will be managed by GC Business Finance (GCBF), part of the Growth Company.
The new Fund will meet a real gap in the support available to businesses in the borough and shows the Council’s commitment to a thriving business base and growing economy. Coupled with the finance available through the Council’s Town Centre Business Growth Programme, the new Fund represents a proactive and comprehensive package which puts Trafford at the forefront in backing its businesses.
The Fund is expected to go live in August and the Council, with a particular focus on loan applications from businesses looking to reduce their carbon footprint or those looking to have a positive impact on the environment. The Council is also keen to grow key sectors of the local economy such as professional and financial services; advanced manufacturing; health and digital; and creative.
Established in 2002, GC Business Finance provides a range of alternative finance options for growing businesses that have been unable to obtain funding through a mainstream lender. The firm annually delivers in excess of £60m in SME finance to over 5,000 small and medium sized enterprises.
Cllr James Wright, Trafford Council’s Executive Member for Housing and Regeneration, said:
This is a fantastic initiative for the borough and takes the Council’s business support role to a new level. Local businesses are the bedrock of the economy and the new Fund will help businesses to start-up and grow to create jobs and further cement Trafford’s place as an economic powerhouse of Greater Manchester. The Fund truly shows that Trafford is open for business.”
Paul Breen, director of GC Business Finance, said:
Trafford is home to many thriving businesses in the local economy’s key sectors, and we look forward to helping Trafford SME’s and stimulating economic growth. The Fund will add further value to the existing range of support we can offer businesses in the borough.
The green initiative is a huge part of both the Government and Greater Manchester’s agenda, and we can strengthen the impact this fund has by deploying our relationship with other parts of The Growth Company, such as the GC Business Growth Hub’s ‘Green’ team.”
Posted on Thursday 27th June 2019