31 March deadline for businesses to apply for Greater Manchester Bounce Back Loans

Richard Jeffery, Director of Business Growth at GC Business Growth Hub

Businesses in Rochdale struggling due to the coronavirus pandemic are being reminded by GC Business Growth Hub that loans of up to £50,000 are available to support them but time is running out to apply.

Greater Manchester Combined Authority launched a £10m GM Bounce Back Loan Scheme (BBLS) in November to specifically support small and medium sized businesses such as sole traders, entrepreneurs and business owners.

The fund is for eligible SMEs based in and trading from Greater Manchester, who are unable to access Bounce Back Loans from their own banks. The deadline for applications is 31 March, and the scheme will close once the fund is fully committed.

The UK’s only non-profit government-backed loans provider GC Business Finance (GCBF), part of the Growth Company, is delivering the scheme across the region.

The loans are 100% guaranteed by the government and there are no fees or interest to pay for the first 12 months.

Businesses can borrow from £2,000 and up to £50,000. They will also receive additional tailored support from the GC Business Growth Hub and GCBF.

The Hub supports businesses at all stages of their growth journey with a broad range of services, including expert one-to-one and peer-to-peer business support, events, specialist programmes and more. Most of this support is fully-funded and is provided at no direct cost to businesses.

Richard Jeffery, Director of Business Growth at GC Business Growth Hub, said: “The coronavirus pandemic has had a detrimental impact on many SMEs in the region who were once thriving but are now struggling financially.

“These businesses are facing incredibly challenging circumstances and a Bounce Back Loan could be a lifeline to a firm which has not been able to access funding elsewhere.

“Since the scheme was launched in November there has been a huge demand for Bounce Back Loan funding and 400 jobs have been secured across the region with the help of the fund.

“My advice is this – do not delay, apply now – filling in the form to check if you’re eligible only takes a few minutes.”

Businesses can find out more and apply at businessfinance.growth.co.uk/funding/bounce-back-loans.

Businesses looking to access specialist support can visit www.businessgrowthhub.com for more information about the organisation’s extensive range of services. GC Business Growth Hub is part-financed by the European Regional Development Fund (ERDF), and is also supported by the Greater Manchester Combined Authority and Greater Manchester local authorities.