Growth Street to lend £50m to North West SMEs

Growth Street has announced plans to inject £50m into growing businesses across Greater Manchester and the North West over the next 12 months.

The announcement follows research by the business lending platform which found that SMEs in Manchester might not be taking full advantage of opportunities in international markets and could have greater awareness of funding options available to help them grow.

Growth Street also found that 78% of respondents based in Manchester didn’t export at all.

Meanwhile, almost three-quarters of respondents had never looked outside their bank for funding at all, with only 24% feeling that they had a “good” understanding of the alternative finance market.

Greg Carter, CEO at Growth Street, felt that Manchester and the North West was full of thriving, ambitious businesses and hoped that its planned £50m injection into the North West economy would give more SMEs the chance to deliver on their plans for growth.

“UK SMEs are working in uncertain times. 

“To make things more complicated still, many firms we speak to feel misunderstood by traditional lenders. 

“We believe that more than ever, businesses need access to flexible finance, which can help mitigate risk as well as let agile businesses seize new opportunities.”

Chris Fletcher, director of marketing and campaigns at Greater Manchester Chamber of Commerce, said the announcement by Growth Street was a significant step forward for ambitious and growing SMEs across the region.

"It's a real vote of confidence in businesses across the region and will be welcomed by a huge number of businesses. 

“Flexible finance is a vital part of funding success for many businesses and this will make a significant impact."

Richard Leese, leader of Manchester City Council, concluded: “SMEs have a vital role to play in a flourishing city, and we welcome any initiative which will help these innovative businesses to expand, tap into new international markets and help support jobs and opportunities for Manchester people.”

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