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Business grants, loans and financial support

View grants, loans and other support available for businesses in Rochdale borough.

Coronavirus (COVID-19): support for businesses

Government support packages: the government has created a support package to help businesses during the coronavirus outbreak. Use the GOV.UK tool to quickly find out what you may be eligible for.

Find coronavirus financial support for your business

Local Restrictions Support Grant: for businesses who have been forced to close due to Rochdale borough being placed in local COVID alert level: very high (tier 3) restrictions.

Grants and funding not managed by the government: in addition to the government's support package, many organisations are also offering coronavirus business support. Action Together have created a list of some of this help. They also offer a service to help you find the funding that's right for you.

Please note: the council is not responsible for managing any of the funding opportunities promoted by Action Together.

Financial help from The Business Growth Hub

​​​​​​​​​The Business Growth Hu​​​​b offers a range of services to help you access finance, prepare to present to investors, assess and manage your budget effectively and develop a financial strategy to support growth.​

Find out more about The Business Growth Hub services.


Finance services for start ups and established businesses​​

  • Business growth loans - we're working in partnership with GC Business Finance, part of Manchester Growth Company, to provide a range of business growth loans.
  • Business Finance Solutions: - Government backed finance products for you and your business.
  • Business finance and support find​​er: - GOV.UK guides your search to find business finance, including government grants and publicly-backed finance and loans.
  • ​LEADER Rural Development Fund - the programme offers grants to small and medium sized rural businesses for development in parts of Heywood, Norden and the border with Whitworth​.​
  • Financial support for new businesses - ​​​to help boost business and create more vibrant town centres in the Rochdale borough, we’re offering 2 big benefits to new independent retailers opening in selected empty units.
  • Innovation Voucher Scheme for Greater Manchester based for small and medium sized enterprises (SMEs) - enables eligible SMEs to apply for up to £5,000 matched funding (minimum £3,000) to access specialist facilities within research institutes to accelerate the development of innovative products and services. Collaborative partnerships can be developed with a Greater Manchester University or a recognised research organisation nominated by the applicant. Activities that can be funded include product testing; product design; research and development; knowledge transfer and consultancy.
  • Greater Manchester Social Investment - funding for social enterprises - offers affordable and accessible loan finance for small social enterprises, businesses with social impact and charities that trade. Organisations can apply for £10,000 - £50,000 of flexible unsecured finance to be repaid over 1-5 years. Each investment combines grants with loans to help smaller organisations, including very new organisations, that have potential to add more value to local communities and grow their social impact.
  • Gigabit Broadband Voucher Scheme - offers a voucher of up to £3,000 against the cost of upgrading your internet to a full fibre connection.

Finance services for established businesses

  • South Pennines LEADER - LEADER is now open for business and accepting new applications for funding. The programme offers grants to small and medium sized rural businesses for development in Littleborough, Milnrow and Whitworth​​​.

Greater Manchester Investment Fund

This is a fund managed by the Greater Manchester Combined Authority to encourage business growth and job creation in Greater Manchester.

Loans are available for eligible companies that are having difficulty accessing traditional forms of finance from the private sector. Loans will typically be for up to 5 years, with the commercial interest rates reflecting the risk profile of the business.

What's available?

Benefits include:

  • Flexible loans of £500,000 to £5 million.
  • No specific security requirements, although the level of security will impact on the interest rate.
  • No financial covenants attached to the loans; instead, information covenants to monitor outputs.

Investment criteria

Projects can qualify if:

  • They have been turned down by a bank or other lender but can sustain a level of debt repayment.
  • There is a funding gap - this means the business has secured some financing but needs additional debt support to proceed.
  • They demonstrate a clear link to jobs secured within Greater Manchester. The focus of the programme is on new job creation, but jobs safeguarded will also be considered.

Greater Manchester Housing Fund

 

The Greater Manchester Housing Fund represents a cornerstone of Greater Manchester's housing growth strategy, and specifically targets the ongoing constraints within the residential finance market, including the reduced risk appetite many lenders continue to exhibit and ceilings on the financial exposure they are prepared to accept.

This Housing Fund will initially provide loan development finance for private sector partners on a fully recoverable basis. It will be managed by the Greater Manchester  Combined Authority on behalf of the 10 councils in Greater Manchester. The Fund will be open to applications on an ongoing basis.

Contact

0161 359 3050

Phone: Monday-Friday 8.30am-5pm.

Find the Business Growth Hub on a map

Business Growth Hub
Lee House
90 Great Bridgewater Street
Manchester M1 5JW ​​

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