A new £9.5m fund has been launched as part of Greater Manchester’s bid to become more globally competitive by helping local businesses to increase their export sales.
The Greater Manchester Export Fund will provide targeted grant and short-term loan funding that will enable GM businesses to secure and grow export contracts all over the world.
The Fund was awarded after a joint bid to the Regional Growth Fund (RGF6) from the Manchester Growth Company and will be managed by Business Finance Solutions and the Business Growth Hub.
£2.5m of the funding will be managed by Business Finance Solutions (BFS) who will provide loans of up to £500k to enable businesses to pursue and fulfill export orders. The loans could be used for short-term working capital or as cash support to enable the clients’ bank to issue tender bonds, advanced payment guarantees or performance bonds.
£7m of the funding will be managed by Business Growth Hub (BGH) as a SME grant fund to provide up to 20% of a total project cost. The funds could be invested in a range of activities designed to support export growth such as purchasing new machinery; site refurbishment & conversion of existing buildings; consultancy services to support export growth; R&D; attendance at trade fairs and overseas visits and training.
If you are aware of any businesses that may benefit from the loan fund please contact Andy Nichols on 0161 245 4736.
Any businesses interested in the grant fund should contact Kate Simcock on 0161 237 4219 or the enquiry team at email@example.com
Alternatively, there is a dedicated email address; firstname.lastname@example.org