Access to Finance scheme delivers £220m boost to SMEs across the North West

Small to medium-sized enterprises (SMEs) across the North West have received funding offers in excess of £220m, since the launch of GC Business Growth Hub’s regional finance support programme.

The Hub, part of The Growth Company and part-funded by the European Regional Development Fund, launched its Access to Finance initiative in 2008, to help ambitious North West businesses secure vital funding for their next phase of growth.

In the last year alone, Access to Finance has facilitated more than £20m in funding offers for North West businesses, across a diverse range of industries including hospitality and tourism, construction and education.

Since October 2015, SMEs operating across the North West’s burgeoning manufacturing sector have seen the highest levels of investment through the Access to Finance scheme, with almost £18m in funding offers secured to date.

Through providing tailored support at the early stages of funding outreach, Access to Finance advisors can identify the appropriate funding vehicle for each business, as well as supporting SMEs to prepare for the application and pitching processes necessary to secure investment.

Philip Hargreaves, Access to Finance Lead at GC Business Growth Hub, said: “There are a wide variety of funding options available to businesses across the North West, but not every finance package is appropriate for a growing business.

“By getting to know the people, purpose and growth trajectory behind each individual business, we can advise on the best financing method to support sustainable growth over the long term. We also help those businesses to prepare themselves to pitch for investment, making them a more attractive prospect for investors.”