The British Business Bank has approved GC Business Finance, part of the Growth Company, for accreditation under the Bounce Bank Loan Scheme (BBLS).
GC Business Finance will provide Bounce Back Loans of up to £50k to small and micro businesses from the Greater Manchester region that are suffering disruption to their cashflow due to lost or deferred revenues during the Covid-19 outbreak and who are not currently banking with an existing provider.
From today, the lender will put in place the operations required to start lending under the scheme and will be able to receive applications only from businesses based in Greater Manchester.
Government published statistics show over 1.4 million businesses have to date benefitted from loans worth £61.9 billion through schemes delivered by the British Business Bank. This includes 1,336,320 Bounce Back Loans worth over £40 billion, 73,094 facilities worth almost £17.2 billion through the Coronavirus Business Interruption Loan Scheme and 632 facilities worth £4.6 billion through the Coronavirus Large Business Interruption Loan Scheme.