Over three million pounds has been invested in local businesses thanks to the Greater Manchester Combined Authority (GMCA)’s approach to recycling funds.
Five companies across Greater Manchester have been given the green light to create more than 260 new jobs and expand their businesses.
The £3.1m GMCA investment, from the Core Investment Fund, uses money given back from previous successful business loans.
Councillor Kieran Quinn, GMCA lead for Investment Strategy and Finance, said: “I’m delighted that the Combined Authority has committed to helping even more local companies expand their businesses and their workforce, expansion which will help both the businesses and their local communities.
“Using recycled funds to help these companies grow highlights how successful our previous investments have been and how Greater Manchester is a great place to live, work and invest.”
Kids Allowed, a private nursery and childcare provider, has been loaned £600,000 to open two new, purpose built nursery sites in Trafford which is expected to create more than 100 jobs.
Cheadle based company Sitedesk has received a £150,000 loan to create 18 jobs in Stockport over the next three years as it seeks to expand use of its new building information modelling software.
£1.1m has been loaned to the Tailored Fire & Security Group (TFS), based in Trafford, to help create 50 jobs and assist with the expansion of their business onto a new site.
Manchester based IT company Intechnica has been loaned £150,000 to support the companies previous target of 44 new jobs and the creation of five new posts for their product development team.
Luxury clothing brand Private White V. C. has received a loan of £1.1m to expand their factory in Salford and create 88 new jobs.