Coronavirus (Covid-19) update to Small Business Loan Fund applications
Following the Covid-19 outbreak, as part of our local response and to complement the measures being brought in to support businesses at a national level, we are amending the conditions on the Trafford Small Business Loan Fund on a temporary basis. Loans are now interest free for 6 months (instead of 6.2%) and require match funding of 30% (reduced from 50%). We will review this at the end June 2020.
Trafford are delighted to offer new and existing businesses the opportunity to borrow between £5,000 and £25,000 (APR 6.2%) repayable over 2 or 3 years to help you get a new business idea off the ground or to assist you with the growth of your existing businesses. Applicants must fund at least 50% of the total cost of the scheme so for example, if you wish to take out a loan for £10,000, you must match it with £10,000 of your own funding. The fund will form part of the business support package available to all businesses in the borough.
The Fund will be managed by GC Business Finance (GCBF), part of the Growth Company.
There is a particular focus on loan applications from businesses looking to reduce their carbon footprint or those looking to have a positive impact on the environment. The Council is also keen to grow key sectors of the local economy such as professional and financial services; advanced manufacturing; health and digital; and creative.
For further information and to submit an Expression of Interest, please contact Damien Cutting, Senior Strategic Growth Officer, Strategic Growth Team on 0161 912 4176 or firstname.lastname@example.org