£3 million funding announced to support business in Greater Manchester

The Greater Manchester Local Enterprise Partnership (GM LEP) has approved £3 million funding to support businesses in Greater Manchester affected by the COVID-19 pandemic.

The funding will be administered by GC Business Finance (GCBF) and will provide loans of between £5,000 and £250,000 to qualifying companies through the Greater Manchester Coronavirus Business Interruption Loan Scheme (GM CBILS).

The aim of this funding is to provide additional support, on top of the schemes available from the government, to businesses impacted by the coronavirus, in particular SMEs that may struggle to secure financial support from banks.

Businesses in Greater Manchester looking to apply for the CBILS funding must fit the following criteria:

• Based in Greater Manchester
• UK based SME with annual turnover of up to £45 million
• The business must generate more than 50% of its turnover from trading activity
• You do not need to have been declined financial support from the bank

Further information on this scheme and how to apply can be found here.

Contact Backhouse Jones on 01254 828300 for further guidance.