How can I apply for a Business Loan in Manchester?
Manchester businesses can apply for a Business Loan for free via the ForKredit website. Business owners can complete the application in a matter of minutes, they simply need to provide some basic information and documentation about themselves and their business performance.
The application is assessed and the lender will determine whether the application meets the minimum qualification requirements needed. If the applicant meets the criteria, they will be offered a loan amount which is decided by the lender and sometimes differs from the initial application amount.
Once the business owner has read the terms and conditions of the agreement, they can choose whether they wish to accept the loan offer. If the offer is accepted, the amount of money borrowed will be transferred into the registered bank account of the business.
How much money can I get from a Business Loan for a business located in Manchester?
Manchester and UK businesses can apply up to £500,000 in business funding when they apply for a Business Loan with ForKredit. The funding amounts may depend on the strength of an application as well as the lender’s assessment.
What is Manchester like for businesses and startups?
Manchester has been argued to have been considered at the heart of the Northern Powerhouse when it comes to business, with it being considered London’s northern rival. The Greater Manchester area helps to contribute £62.8 billion to the economy thanks to industries such as the media, entertainment, finance, and manufacturing.
Manchester provides a fantastic environment for startups, with there being a youthful and highly skilled workforce driving the startup economy. Part of the attraction to businesses starting in Manchester is down to the fact that it offers a similar experience to London but at much more affordable and competitive prices. Especially as the city has seen so much investment and positive growth in the last decade alone.
The Heart of North West’s Commercial Sector
Manchester, known as the commercial and retail capital of the north-west of England, boasts the UK’s second-largest economy. This vibrant city is a hub for businesses, especially startups, owing to its robust tech scene and excellent transport links.
Thriving Startup Scene and Supportive Infrastructure
Home to the University of Manchester Innovation Centre (UMIC) and other supportive facilities, Manchester provides the perfect environment for startups and small businesses. These institutions offer extensive office and lab space, alongside various events and conferences, fostering a community of innovation and growth.
Manchester’s Unique Business Advantages
Strategic Transport Links and Accessibility
Manchester’s status as the UK’s Gateway to the North is reinforced by its comprehensive transport network. The city’s airport, the third largest in the UK, and its less car-dependent infrastructure offer strategic advantages for businesses. Upcoming expansion plans for Manchester Airport further signal growth prospects for local enterprises.
Office Space and Talent Pool
The city’s ambition to become the “Shoreditch of the North” is evidenced by its high startup rate and availability of low-cost office spaces. With five universities in the vicinity, businesses in Manchester have access to a large pool of graduates, presenting a unique opportunity for talent acquisition.
Challenges and Opportunities for Manchester Entrepreneurs
Collaboration and Community Support
Manchester’s business environment is characterized by a collaborative spirit, with various initiatives supporting budding entrepreneurs. Programs like the Manchester Youth Market encourage young people to pursue their business dreams by providing training, trading opportunities, and a supportive community.
Aspirations vs. Realities for Entrepreneurs
Despite the supportive ecosystem, many in the North West still face challenges in realizing their entrepreneurial aspirations. Financial constraints, fear of leaving secure employment, and lack of confidence in business ideas are among the common hurdles.
Financial Solutions for Manchester SMEs
Diverse Funding Opportunities
Access to funding is a critical need for Manchester’s startups and SMEs. Fortunately, the region is seeing an increase in funding sources, including business loans, merchant cash advances, and grants from various programs.
For Kredit offers unsecured business funding, providing Manchester businesses with loans ranging from £1,000 to £500,000. These loans are designed to be flexible, catering to businesses with irregular cash flows or seasonal patterns.
LEADER Rural Development Fund
The LEADER scheme, part of the Rural Development Programme for England, supports small to medium-sized rural businesses in the surrounding areas of Manchester, focusing on job creation and business growth.
Business Growth Hub
The Business Growth Hub, partially funded by the European Regional Development Fund, provides Innovation Vouchers, enabling SMEs in Greater Manchester to apply for funding up to £5,000 for innovative projects.