Loan arrangers to the rescue

A partnership between Greater Manchester Chamber of Commerce and The Royal Bank of Scotland and NatWest has been established to provide an alternative business finance solution for local businesses.

The new initiative will provide loans from £3,000-£50,000, plus business support services, to small businesses unable to get loans from mainstream sources.

The partnership is combining European Regional Development Funds and potential Regional Growth Funds totalling more than £13million to establish the project.

RBS and NatWest will promote the initiative to small and medium-sized enterprises through its network of business and commercial banking centres throughout Greater Manchester.

Believed to be the first of its kind in the UK, the initiative combines the skills and experience of RBS and NatWest with a unique business finance support package offered through the country’s largest Chamber of Commerce.

Paul Breen, fund manager for Business Finance Solutions, said: “This is a unique alternative business finance concept delivering what the local business community in really needs.

“Without the support from RBS, this would be difficult. In this groundbreaking partnership, RBS will be working alongside the Chamber and, through the loan and business support package, will be able to create or safeguard approximately 3,500 private sector jobs.

“The aim is to fill the current gap in the market to create cost-efficient business growth, meeting core Government policy objectives.”

Tony Kelly, managing director of NatWest commercial banking in the North-West, said: “We are delighted to have the chance to be involved from the outset. These businesses form the backbone of Greater Manchester’s economy and it is therefore essential to find new ways to support their needs.”