TIME is running out for businesses in Bury struggling to apply for loans up to £ 50,000 due to the coronavirus pandemic.
The Greater Manchester Combined Authority launched a £ 10million GM Bounce Back (BBLS) loan program in November to specifically support small and medium-sized businesses such as independent traders, entrepreneurs and business owners.
The fund is aimed at eligible SMEs based and trading in Greater Manchester, which cannot access Bounce Back loans from their own banks.
The UK’s only government-backed non-profit loan provider, GC Business Finance (GCBF), part of Growth Company, offers the program across the region.
Businesses can borrow from £ 2,000 and up to £ 50,000. They will also receive additional tailor-made support from the Hub and GCBF.
The Hub supports businesses at all stages of their growth with a wide range of services, including personalized and peer-to-peer professional support, events, specialized programs and more. Most of this support is fully funded and is provided at no direct cost to businesses.
The loans are 100 percent government guaranteed and there are no fees or interest payable for the first 12 months.
The Hub is now calling on companies to apply before it’s too late – the application deadline is March 31 and the program will close once the fund is fully committed.
Richard Jeffery, Director of Business Growth at GC Business Growth Hub, said: “The coronavirus pandemic has negatively impacted many SMEs in the region that were once thriving but are now struggling financially.
“These businesses are facing incredibly difficult circumstances and a Bounce Back loan could be a lifeline for a business that hasn’t been able to access financing elsewhere.
“Since the program started 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 – don’t delay, apply now – filling out the form to check if you are eligible only takes a few minutes.”
Businesses can find out more and apply at businessfinance.growthco.uk/funding/bounce-back-loans.
Businesses wishing to access specialist support can visit businessgrowthhub.com for more information on the organization’s wide range of services. GC Business Growth Hub is co-funded by the European Regional Development Fund (ERDF) and is also supported by the Greater Manchester Combined Authority and Greater Manchester Local Authorities