THE GREATER MANCHESTER INVESTMENT FUND (GMIF)
The GMIF is a fund managed by the GMCA. It is designed to encourage business growth and job creation in Greater Manchester. Loans of between £500,000 and £5million are available for eligible companies that are having difficulty accessing traditional forms of finance via the private sector. Loans will typically be for terms of up to five years, with the commercial interest rates reflecting the risk profile of the business.
- Projects that have been turned down by a bank or other lenders but are able to sustain a level of debt repayment
- Projects where there is a gap in the funding required (ie. the business has secured some financing but needs additional debt support for the project to proceed
- Projects that demonstrate a clear link to jobs secured within Greater Manchester.
The focus of the programme is on new job creation, but safeguarding jobs will also be considered.
- Loans of £500,000 to £5million with flexibility around the terms
- No specific security requirements, although the level of security offered will impact on the proposed interest rate
- No financial covenants attached to the loans; instead, information covenants to enable monitoring of the outputs.
Companies seeking funding will be required to submit a detailed business plan containing comprehensive historic and forecast financial information for consideration.
If you feel that you or your client’s company meet the criteria and are in need of finance to help unlock your/their growth potential, please contact either:
Tel: 0161 234 5658
Tel: 0161 234 4062