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GC Business Finance Appointed to £11.25m Rosebud Fund

GC Business Finance Appointed to £11.25m Rosebud Fund

 11/07/2019

GC Business Finance (GCBF) has been appointed to bring forward Lancashire County Council's £11.25m Rosebud business finance fund.

Under the new package, the company will oversee loans from £10,000 to £300,000 for businesses in Lancashire over the next five years.

Rosebud has been designed to create about 150 jobs per year and will focus on sectors such as aerospace, advanced manufacturing, digital and creative, energy and environment, health innovation, and financial and professional services.

County councillor Michael Green, cabinet member for economic development, environment and planning, said: "Over the last 30 years Rosebud has helped thousands of businesses across Lancashire to expand by tapping into finance to create new jobs, move premises and invest in technology.

"We're incredibly pleased to be able to allocate a further £11.25m pounds to support growing Lancashire businesses to achieve their growth aspirations. This will lead to new jobs being created, for the benefit of Lancashire residents."

Andy Walker, the authority's head of business growth and innovation, added: "GC Business Finance already works closely with the Access 2 Finance service in Lancashire and has strong relationships with local businesses and the professional services community.

"It will help provide a seamless transition for the delivery of Rosebud finance, helping businesses create employment opportunities, especially the graduate level jobs that can help us retain talent in Lancashire."

Established in 2002, GC Business Finance provides a range of alternative finance options for growing businesses that have been unable to obtain funding through a mainstream lender. It brings forward more than £60m in finance to more than 5,000 small and medium sized enterprises each year.

Paul Breen, director of GC Business Finance, said: "Lancashire is a strong and vibrant economy and home to a vast number of successful businesses. However, some companies struggle to access funding through traditional means which is where Rosebud can play a vital role in helping them achieve growth."

GC Business Finance's Lancashire team will be based at Cotton Court in Preston, working alongside Lancashire County Developments.

The Rosebud fund was previously managed by Mercia Fund Managers.

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