- Thousands of local jobs, quality homes and commercial spaces for people to do business created through Investment Fund
- Greater Manchester’s innovative approach to investment has made huge impact on city-region’s economy through effective investing and recycling funds
- Organisations and businesses who would benefit from fund urged to apply
GREATER Manchester’s Investment Fund continues to provide a major boost to the city-region’s economy with thousands of local jobs, quality homes and commercial spaces created since its launch.
Investments made by Greater Manchester Combined Authority (GMCA) into the local economy have reached £900m, with the figure continuing to rise through fund recycling as money is given back from previous successful business loans and reinvested in new projects.
The Housing Loan Fund has injected £575m into residential developments, resulting in 7,793 new homes. The fund, available to help developers kickstart housing projects that would otherwise be difficult to fund from elsewhere, is on track to deliver 10,000 new homes across Greater Manchester.
Investments made into the Social Impact Fund, totalling £15m, will deliver around 300 new homes for vulnerable people in the city-region. This includes housing for people with learning disabilities, those who have experienced domestic violence, people who sleep rough or at risk of homelessness and asylum seekers.
The fund has also supported the creation of 9,104 jobs through investing into regional businesses across a variety of sectors ranging from education, to FinTech and digital.
New investments continue to be made and Greater Manchester leaders are urging new applicants who would benefit to come forward and apply.
Mayor of Greater Manchester, Andy Burnham, said: “This Investment Fund is an incredible success story for Greater Manchester and is proof of our ability to deliver good jobs and homes for our residents.
“Without GMCA’s investment, many developers, businesses and commercial spaces would have found it difficult to access finance and grow. Government funding has been recycled into £900m worth of investment which illustrates the success of the fund and Greater Manchester’s ability to identify and manage opportunities, ensuring maximum return for the public purse.”
Councillor David Molyneux, GMCA lead for Investment and Resources, said: “We are proud of the successful businesses, developments and commercial spaces that continue to flourish as a result of the investment fund. Successful projects and developments such as Didsbury Technology Park and Bolton’s Logistics North have prospered through the help of GMCA.
“As Greater Manchester’s economy recovers from the pandemic, it is vital businesses are supported with access to finance. It’s often these businesses that are overlooked by traditional lenders. We are now urging further organisations, businesses and developers who would benefit from the fund to get in touch and find out how we can support you.”
The Investment Fund has so far generated more than £28m of income, of which £12m is ringfenced to support Greater Manchester’s wider housing priorities such as affordable housing, empty homes and rogue landlords. Another £9m is ringfenced for investment into business.
Highlights of the Investment Fund to date include:
- Stockport Interchange – residential development will deliver 196 new homes by 2024 on brownfield land following £30.8m of funding
- Didsbury Technology Park – £3.3m loan supported delivery of research and office space
- Logistics North - £10m commercial funding supported creation of much needed industrial and warehouse facilities in Bolton
- Zuto – £1m funding supported Manchester based car finance company, creating 250 jobs in the last 18 months
Salford City Mayor Paul Dennett, GMCA Lead on Housing, Planning and Homelessness said: “Greater Manchester’s investment in developments across the city-region has enabled the construction of much needed quality housing, which might not otherwise have received the funding to have become a reality. Developments such as Hive Homes are focussed on delivery housing for families, while all profits will be re-invested into GMCA and registered housing providers, creating further capacity for house building within Greater Manchester.
“Social investment has enabled the construction of homes for vulnerable people through the Resonance Supported Homes Fund development, which provides homes for adults with learning disabilities, autism and mental illness. The fund acquires and adapts homes to a high standard to allow people to lead independent lives.”
Local FinTech, digital and educational businesses have described how GMCA investment has helped them to grow and flourish.
Bank North, a FinTech-enabled bank based in Manchester, supports SMEs in the city-region and received a £1.5m boost from GMCA.
Jonathan Thompson, Bank North CEO, said: “The GMCA has been a crucial investor and a key partner from the very start of our journey. Its repeated capital support and endorsement saw Bank North take off from a standing start right through to receiving its bank licence this year.
“The GMCA is a progressive combined authority, and its ambitions align with our own. Manchester is a vibrant city filled to the brim with talent, opportunities, and some of the UK’s brightest technological minds – an ideal location for the UK’s most authentic regional business bank. We are proud to have them by our side as we work to support SMEs in Greater Manchester.”
Start-up business swim!, based in Bury, received a £2.5m boost from GMCA to support the launch of three new centres in which over 2,000 young children have had the opportunity to learn to swim and learn gymnastics skills.
Steve Parry, Olympic Medallist and Founder of swim! and Beth Tweddle Gymnastics, said: “swim!, alongside our partners Beth Tweddle Gymnastics, are proud to be developing purpose-built centres that will give children a place to engage in activity safely and stay healthy. As a start-up business, GMCA have been an invaluable partner and enabled us to grow at a faster pace than we would have otherwise been able to, with Capital support at a time when we needed it. As we transition out of the Covid Pandemic, having the ability to build new facilities across Greater Manchester supports the necessary community social investment needed at this time.
“It has been exciting to work with the GMCA whose values align with ours and we look forward to a long-lasting relationship.”
Shopblocks, an emerging tech business operating out of Stockport, received £735,000 to help accelerate the growth of the business and employ young people.
Kevin Jones, Shopblocks CEO, said: "With GMCA's support we've accelerated our growth, doubling in size again this year with a further 25 employees joining the Shopblocks team. We've created many opportunities for young people to learn digital skills in a fast-paced technology environment and several positions have been filled via apprenticeship and Kickstart programmes with great success."
Greater Manchester’s devolved powers means GMCA can respond flexibly and creatively to local priorities, allowing the authority to control the allocation of government resources. The city-region’s unique approach to investment means it is able to loan effectively and recycle that investment.
To find out more information on how to apply for the fund please visit https://www.greatermanchester-ca.gov.uk/what-we-do/investment/ call 0161 778 7011 or email firstname.lastname@example.org
Article Published: 29/10/2021 12:42 PM