Finance for an ambitious county
Lancashire has a rich industrial history, from the days of coal mining and textile production to the modern-day manufacturing operations, and it has long stood as a centre for entrepreneurialism.
The region’s willingness to do business has been evidenced throughout the ages. In fact, the Preston bypass was established as the UK’s first stretch of motorway in 1958, connecting the town to other parts of the country and opening a corridor to a new wave of economic benefits.
At the present time Lancashire remains a vibrant and thriving business community still with a significant untapped potential that, if realised, could see the region transform, continue to grow, and thereby exceed the economic outputs of competitor regions.
In order to maximise this potential, we need to work with entrepreneurs across the region, raising awareness of the alternative finance options available to businesses and the opportunities this can bring. In certain instances, business owners may only consider their options with the resources they have available, but with the help of external finance, the opportunities are limitless.
With bank lending policy being more strictly adhered to it has had the impact of a perceived lack of availability of funding. The banks appear to have refocused their consumer lending strategy, meaning that entrepreneurs are unable to access the finance they need to grow.
Being declined by the bank does not mean growth is out of reach
However, being declined by the bank does not mean that expansion and growth are out of reach. Funding is available for businesses in Lancashire, and in a county with so many innovative businesses, why not be innovative when it comes to finance and think outside the bank?
Working with Lancashire’s Boost and Access to Finance programmes, GC Business Finance has supported many companies in the region. We believe that no hard-working business should have to work hard to get a loan, and our aim is to provide an ethical approach to finance for businesses of all sizes and at all stages of growth.
Across our three products, we have invested a total of £4m in Lancashire businesses. These include the British Business Bank’s Start Up Loans programme and the Northern Powerhouse Investment Fund (NPIF), as well as Lancashire County Council’s Rosebud fund.
Start Up Loans range in size from £500 to £25,000, with the funding aimed at businesses up to 24 months old. It provides vital early stage finance to help them grow and evolve in their specific market. NPIF is also available to new start business and established businesses who are looking for a more significant investment. This is typically between £25,000 and £100,000 to fund job creation, product development and growth capital.
GCBF also manages the Rosebud fund. This is dedicated to supporting the 12 local authority areas in Lancashire, investing between £10,000 and £300,000 in high growth businesses to help expand and create jobs which will be of benefit to the local economy in the county.
For more information about how we can support your business and the right type of finance, get in touch with a member of our team today, or visit our website at www.businessfinance.growthco.uk. Alternatively, the teams at Boost Lancashire and Access to Finance will be happy to guide you on your funding journey.
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