Chamber News

Date published: 02 November 2011

Chamber Comments on Regional Growth Fund Bids

Responding to the announcement of the successful Regional Growth Fund bids, Dr Brian Sloan, Chief Economist at Greater Manchester Chamber of Commerce, said: "This is welcome news for the region with a much larger share of the fund being allocated to the North West than in the first round of funding. Looking down the list of successful bids, it is pleasing to see a number of exciting infrastructure projects that will help spur on further investment and growth into the future, including here in Greater Manchester.

"These second round bids will safeguard or create 7,800 jobs, which is about the same as those that have been shed by local authorities in Greater Manchester alone, so it is essential that the due diligence process is expedited swiftly to get these projects underway and ensure that the 39,500 jobs in the supply chain are safeguarded to tackle unemployment in the area." 

Hub Cap

Director of Policy, Chris Fletcher, attended the Rail in the North reception at the House of Commons. Topping the agenda was the Northern Hub and the final phase of campaigning to secure funds to get the project completed. However, Minister of State, Theresa Villiers MP, left attendees concerned when she hinted that the government would scrutinize each individual section of the scheme and work out which parts gave the best return rather than look at the project in its entirety.

Commenting on the event, Chris Fletcher said: "It was rather unsettling that the Minister seemed to throw a spanner in the works at this stage, as we move into the home straight on this campaign. The whole project and its various elements including electrification, extra carriages and new infrastructure, only works if it is delivered in full. Speaking with colleagues after the speech, many were of the same opinion and determined to make sure the scheme is delivered in full.

"There is a huge return on investment of £4 for every £1 spent and the benefits across the whole of the North of England will be massive with the ability for an extra 700 trains per day once completed. This has never been a scheme where only part of it will be enough and at £530m we are not asking the earth so to hear this is a little concerning. I have written to the new Transport Secretary requesting a meeting so hopefully we can clear the confusion up."

Over the next few months the Chamber will be working with partners to ensure the key messages behind the rail investment programme are made to government and the full funding for the project is granted.

Business Finance Solutions Delivers New Enterprise Funds 

Manchester-based loan providers, Business Finance Solutions, have been awarded the contract to administer and deliver a new ground-breaking loan fund on behalf of the Department for Work and Pensions (DWP), for Greater Manchester, Cumbria, Lancashire and Cheshire.

The New Enterprise Allowance (NEA) loans have been launched by DWP to assist individuals who have been receiving Jobseeker's Allowance for a minimum of six months, and who wish to start their own business.

The initiative gives individuals the opportunity to apply for a loan of up to £1,000 to help fund the start-up costs for their business, as well as providing them with free pre- and post-start mentoring support. Business Finance Solutions has already provided the first of its New Enterprise Allowance loans to a Lancaster-based business providing handy man services.

Commenting on the contract, Paul Breen, Funds Manager at Business Finance Solutions, said: "We are delighted to have been successful in our tender to deliver the NEA loan service across Greater Manchester, Cumbria, Lancashire and Cheshire. This is another way for entrepreneurs to get their business ideas off the ground and we're looking forward to being a part of it.

"This is a separate offering to the existing Small Loans for Business service we provide to SMEs across Manchester, Stockport, Salford, Tameside, Trafford and Cheshire, but may well link into the work we do with viable businesses looking for loans that have been refused by the bank, should NEA -funded businesses require further finance in the future."

Business Finance Solutions will be responsible for delivering the NEA funding in the region until 2013. The team has already received a number of good quality referrals thanks to loan introducers, Jobcentre Plus, and their mentoring organisations.

For further information about Business Finance Solutions and the services they provide, call 0161 245 4977.