The Business Growth Hub 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.
Finance services for start ups and established businesses
Access to Finance - FREE service to eligible small and medium size businesses in the North West. Services offered include an assessment of your financial position and funding requirements.
Business Finance Solutions: - Government backed finance products for you and your business.
Business finance and support finder: - 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.
Finance services for established businesses
Rochdale Apprenticeship Progression Grant - support for employers and existing apprentices who progress to higher level qualifications.
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.
- 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.
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 ten councils in Greater Manchester. The Fund will be open to applications on an ongoing basis.