GM LEP approves £3m funding to bolster financial support available to businesses battling impact of coronavirus

The Greater Manchester LEP (Local Enterprise Partnership), working with the Growth Company, has unlocked an initial £3m package of urgently needed financial support for Greater Manchester businesses battling the impact of coronavirus.

And private sector investors were today urged to further boost the funding support available to struggling businesses in the region, working alongside the public sector to protect jobs.

Administered by GC Business Finance (GCBF), the Greater Manchester Coronavirus Business Interruption Loan Scheme (GM CBILS) is now ready to provide loans of between £5,000 and £250,000 to qualifying companies.

It will be delivered by GCBF alongside the Government Coronavirus Business Interruption Loan Scheme.

The GM CBILS backed funding will bring vital additional capacity to existing Government schemes, meaning that more business in Greater Manchester will have access to the funding they need to meet the challenge of the Coronavirus outbreak.

This Greater Manchester approach will help support SMEs that may struggle to secure finance support from their banks to survive and grow.

The £3m funding was given emergency approval by the Greater Manchester Combined Authority (GMCA) and Greater Manchester Local Enterprise Partnership (GM LEP), broadening funding eligibility and capacity to save jobs and businesses.

The funding provides immediate capital to meet the needs of Greater Manchester businesses who meet the GM CBILS lending criteria.

Investing alongside the Northern Powerhouse Investment Fund (NPIF) and the Start Up Loans Programme, this Greater Manchester funding builds on the loan funding available locally and is available immediately to respond to the acute challenges some SMEs in the city-region are currently facing.

It is a decisive response by Greater Manchester in immediately bolstering existing publicly backed funding already available and adding critical capacity to GCBF in helping more SMEs survive this crisis and protect jobs.

Administered by GC Business Finance (GCBF), the Greater Manchester Coronavirus Business Interruption Loan Scheme (GM CBILS) is now ready to provide loans of between £5,000 and £250,000 to qualifying companies.

It will be delivered by GCBF alongside the Government Coronavirus Business Interruption Loan Scheme.

The GM CBILS backed funding will bring vital additional capacity to existing Government schemes, meaning that more business in Greater Manchester will have access to the funding they need to meet the challenge of the Coronavirus outbreak.

This Greater Manchester approach will help support SMEs that may struggle to secure finance support from their banks to survive and grow.

The £3m funding was given emergency approval by the Greater Manchester Combined Authority (GMCA) and Greater Manchester Local Enterprise Partnership (GM LEP), broadening funding eligibility and capacity to save jobs and businesses.

The funding provides immediate capital to meet the needs of Greater Manchester businesses who meet the GM CBILS lending criteria (see Notes to Editors).

Investing alongside the Northern Powerhouse Investment Fund (NPIF) and the Start Up Loans Programme, this Greater Manchester funding builds on the loan funding available locally and is available immediately to respond to the acute challenges some SMEs in the city-region are currently facing.

It is a decisive response by Greater Manchester in immediately bolstering existing publicly backed funding already available and adding critical capacity to GCBF in helping more SMEs survive this crisis and protect jobs.

The Growth Company will work with potential private sector co-investment partners to enable vital funding to be made available to even more businesses.

The GMCA and LEP funding is part of a concerted effort across Greater Manchester to support businesses and jobs – including the #HereForBusiness and Employ GM campaigns - and will help to maximise the availability of CBILS funding to Greater Manchester businesses.

The Greater Manchester Coronavirus Business Interruption Loan Scheme will provide vital immediate cashflow to businesses alongside the business grant funding that is already being administered by Local Authorities across Greater Manchester.

Mayor of Greater Manchester, Andy Burnham, said: “This is a fantastic example of Greater Manchester doing the right thing.

“By acting quickly to unlock vital loan support at a very difficult time, we are playing our part in minimising the economic impact of the coronavirus in our city-region.

“We will do everything we can to protect local businesses and safeguard jobs in our vital SME sector.

"But I also want to put the call out to all potential co-investors from the private sector - come and help us support even more businesses through this fund.

“Only by working together can we safeguard employment and ensure that Greater Manchester is in the best possible shape for recovery.”

To find out more about accessing the Greater Manchester Coronavirus Business Interruption Loan Scheme for Greater Manchester visit: GC Business Finance: http://businessfinance.growthco.uk/funding/coronavirus-business-interruption-loan-scheme-cbils/

To discuss private sector co-investment opportunities in support of the Coronavirus Business Interruption Scheme for Greater Manchester visit: businessfinance@growthco.uk

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