Funding from the Greater Manchester Investment Fund has now surpassed £100 million, helping more than 100 new businesses and boosting the regional economy.
The Mayor of Greater Manchester, Andy Burnham, labelled it a “remarkable milestone” after the fund moved past £100 million, boosting businesses in all areas of industry, including engineering, software, digital and manufacturing.
For the latter, activity is continuing to grow, although at a slower rate in April; in this region though, those organisations have the means for support thanks to the Greater Manchester Investment Fund.
Mr Burnham said: “This is a remarkable milestone fro the Greater Manchester Investment Fund. The fund is an ambitious initiative for our city region; it is another example of how we do things differently here. Business and industry have always been at the heart of Greater Manchester and as Mayor I feel it is important to develop newer sectors, such as digital, as well as to nurture our industrial skills.”
The Mayor of Greater Manchester also added that the fund will continue to support businesses, which will result in long term benefits for the economy.
He added: “We will continue to help firms grow and thrive through initiatives like the Greater Manchester Investment Fund, which in turn will help to create jobs and opportunities for people across the city region.”
Managed by the Greater Manchester Combined Authority, the fund encourages business growth across the region and provides loans for those organisations that cannot access traditional forms of finance from the private sector.
If a clear link can be demonstrated to jobs by a company for the Greater Manchester region, investment will be made.
Flexible loans from £500,000, all the way up to £5 million, are offered by the fund which will be repaid within five years.
Already, more than 6,000 jobs and 100 businesses have benefited, and these figures will rise when existing roads are repaid and reinvested in other projects.