A pledge has been made to the Greater Manchester small and mid sized businesses by the Royal Bank of Scotland boss to get them the funding they need to expand. The Greater Manchester Chamber of Commerce and the RBS are partnering to launch a £4m partnership to provide the SME’s that have been dined financing elsewhere, funding.
By accessing grants from central government and Europe the Business Finance Solutions Service will lend to businesses that are determined to have a viable business plan but be looked over and refused bank loans. Even though RPS is not using their cash they will help market the scheme via their network of high street RBS and branches of Nat West.
There are always those businesses that fall betweens the cracks and we do not want that to happen. Over 85% of businesses that asked for funding last year were approved and that was like it was before the crisis. Percentages show that those 15% that were declined will include some that we made mistakes on and have viable reasons to get funding.
It is a good idea and the reason that the scheme was made. The SME part of the initiative will provide business support services and to loans from £3,000 to £50,000 depending on the need and qualifications of the applicants.