50 up for GC Business Finance in busy month of deals

Chris Hutchison, Head of Lending at GC Business Finance

GC Business Finance has enjoyed a busy April, funding 50 start-up loans at a total value of more than £400,000.

As part of the Government's Solutions for Business Services, GC Business Finance delivers a range of affordable business loans and services on behalf of the Department for Business Innovation & Skills.

Appetite for funding from the UK’s SMEs remained strong in April, with loans provided to businesses across a wide range of sectors. Consumer-facing industries, such as hair and beauty and art and design were most active, with digital companies also completing several transactions.

Deals completed during the month include a £12,500 loan to assist a manufacturing business with the launch of its new, innovative product aimed at holidaymakers and sunbed users. A £15,000 loan was also completed to help fund the growth of a fledgling beauty salon, enabling them to expand their treatment and service offering to clients, while £5,000 was provided to launch a mobile pizza cart business, selling authentic Napoli-style cuisine.

Established in 2002, GC Business Finance provides alternative finance options for growing businesses that have been unable to obtain funding through a mainstream lender. With lending ranging from £500 to £500k, the firm annually delivers in excess of £60m in SME finance to over 5,000 small and medium sized enterprises.

This includes managing the Northern Powerhouse Investment Fund’s ‘Microfinance’ funds, providing loans of between £25k and £100k to businesses across the Northern Powerhouse regions.

Chris Hutchison, Head of Lending at GC Business Finance, said: “The volume of activity being seen by GC Business Finance in the last month is indicative of the level of innovation and ambition being shown by small businesses across the UK at current. Despite market uncertainty, entrepreneurs continue to find ways to maximise their growth, and we are proud to be able to support them on their journey.

“Alternative forms of funding have become more prominent than ever, adding further emphasis to the idea that being turned down by your high street bank is not the end of the road. Alongside our wide range of ethical funding options, The Growth Company is committed to providing the training and support that businesses need to achieve their potential through a range of complimentary services.”