The North West is home to a number of thriving economic centres such as Liverpool, Preston and Bolton. In particular, Manchester has quickly grown to become the largest technology hub in the UK outside of London.
The diversity of industries has also helped the SME economy in the North West hold its own, with a growing presence in sectors such as technology, healthcare, science and construction.
North West Business Loans
SMEs and startups often need financial support or a cash boost to get them up and running, pay for stock and employee wages, as well as maintaining healthy cash flow. There are a number of finance companies in the region with funding designed to help businesses who have been, or may be, rejected by their bank. Here’s a list of alternative sources of business funding;
Fleximize supports SMEs at all life stages with business loans of up to £500,000. The funding is designed to meet the needs of each individual business, with money reaching your account in as little as 48 hours. The straightforward application process is an efficient and convenient route to short-term lending for limited companies and LLPs. Sole traders can apply if they want to borrow £25,000 or more.
You can find out more about our products by visiting our services page, but here are the key features of our financing options for SMEs based in the North West:
- North West business loans of £5,000 – £500,000 over 3 – 48 months
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Competitive interest rates starting from 0.9% per month
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
Lancashire Community Finance
With offices across the county, this provider offers affordable loans for startups, as well as cash for developing businesses from £400 and £25,000. Loan terms range from 6 months to 5 years and can be repaid weekly or monthly.
SMEs in Cumbria can apply for startup loans up to £25,000, repaid over a term of 1 to 5 years. Business mentoring, online learning and other benefits come with the loan. However, if your business is a more established, growing business, you’ll need to source funding from a more suitable lender.
Mercia offers business loans to both startups and established businesses. Loans range from £100,000 and £1 million and terms can cover a period of up to five years. Rates are fixed for the duration of the term.
Businesses that have recently started trading can apply for a loan of over £25,000 with MSIF. Loans of up to £100,000 are also available if businesses have some of their own funds to invest. MSIF are also an affiliate member of the Start Up Loans Scheme.
Greater Manchester Investment Fund
To promote new jobs and SME growth in Greater Manchester, the local authorities are offering business loans between £500,000 and £5 million. Applicants need to prove they’ve been turned down by other lenders, that there’s a funding gap, and that they’re going to create new employment opportunities in the Greater Manchester region.
You can see the full list of Start Up Loans delivery partners in the North West here.
Apply for a North West business loan today
It only takes a few minutes to apply for a Fleximize business loan. Our team is always ready to make a speedy lending decision, so you can focus on building your business. Simply fill out this short online form with a few basic details, and, providing you pass our initial checks, a member of the team will be in touch. Once we have all your documents, you could get approved and receive your loan on the same day.
Alternatively, you can take a closer look at our funding options or check how your repayments might look using our business loan calculator.
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