View grants, loans and other support available for businesses in Rochdale borough.
Coronavirus (COVID-19): support for businesses
Government support packages: the government has created a support package to help businesses during the coronavirus outbreak. Use the GOV.UK tool to quickly find out what you may be eligible for.
Micro Business Grant: a payment to cover the fixed business costs of small businesses who do not have separate business premises.
Tier 4 and third national lockdown grants: there are 3 different grants for businesses who were forced to close from 31 December 2020. The grants you're eligible for depends on whether you have a specific rateable value or not.
Tier 4 Local Restrictions Support Grant
Closed Business Lockdown Payments – one-off payment
Additional Restrictions Grant
If you have already received either a National lockdown grant (for the period 5 November 2020 to 2 December 2020), a Tier 3 Localised Restrictions Support Grant (for the period 2 December 2020 to 30 December 2020) or a Tier 4 Local Restrictions Support Grant (for the period 31 December 2020 to 13 January 2021) and have been forced to close we will make payment of the grants automatically and you do not need to apply again.
If you haven't received either a National lockdown grant (for the period 5 November 2020 to 2 December 2020), a Tier 3 Localised Restrictions Support Grant (for the period 2 December 2020 to 30 December 2020) or a Tier 4 Local Restrictions Grant (for the period 31 December 2020 to 13 January 2021) but have been forced to close because of the borough being placed in Tier 4 you need to apply.
Second national lockdown grants: there are 2 different grants for businesses who have had to close because of the 4-week national lockdown restrictions from Thursday, 5 November 2020 until Wednesday, 2 December 2020. The one you're eligible for depends on whether you have a specific rateable value or not.
Local Restrictions Support Grant (open for business): this grant is for leisure and hospitality businesses which remained open during tier 2 and tier 3 restrictions but were severely affected.
Tier 3 Localised Restrictions Support Grant from 23 October 2020–4 November 2020: this grant is for businesses who had to close on Friday, 23 October 2020 when the borough went into tier 3 restrictions.
Tier 3 Localised Restrictions Support Grant from 2 December 2020 onwards: this grant is for businesses who had to close on Friday, 23 October 2020 because of the 4 week national lockdown and had to remain closed from 2 December 2020 when the borough came out of the national lockdown and was placed into the revised tier 3 restrictions.
Grants and funding not managed by the government: in addition to the government's support package, many organisations are also offering coronavirus business support. Action Together have created a list of some of this help. They also offer a service to help you find the funding that's right for you.
The council is
not responsible for managing any of the funding opportunities promoted by Action Together.
Finance services for start ups and established businesses
Kickstart Scheme - funding from the government to create new jobs in your business for 16-24 year olds.
Business growth loans - we're working in partnership with GC Business Finance, part of Manchester Growth Company, to provide a range of business growth loans.
Business Finance Solutions: - Government backed finance products for you and your business.
Business finance and support finder: - GOV.UK guides your search to find business finance, including government grants and publicly-backed finance and loans.
LEADER Rural Development Fund - the programme offers grants to small and medium sized rural businesses for development in parts of Heywood, Norden and the border with Whitworth.
Financial support for new businesses - to help boost business and create more vibrant town centres in the Rochdale borough, we’re offering 2 big benefits to new independent retailers opening in selected empty units.
Innovation Voucher Scheme for Greater Manchester based for small and medium sized enterprises (SMEs) - enables eligible
SMEs to apply for up to £5,000 matched funding (minimum £3,000) to access specialist facilities within research institutes to accelerate the development of innovative products and services. Collaborative partnerships can be developed with a Greater Manchester University or a recognised research organisation nominated by the applicant. Activities that can be funded include product testing; product design; research and development; knowledge transfer and consultancy.
Greater Manchester Social Investment - funding for social enterprises - offers affordable and accessible loan finance for small social enterprises, businesses with social impact and charities that trade. Organisations can apply for £10,000 - £50,000 of flexible unsecured finance to be repaid over 1-5 years. Each investment combines grants with loans to help smaller organisations, including very new organisations, that have potential to add more value to local communities and grow their social impact.
Gigabit Broadband Voucher Scheme - offers a voucher of up to £3,000 against the cost of upgrading your internet to a full fibre connection.
Finance services for established businesses
South Pennines LEADER - LEADER is now open for business and accepting new applications for funding. The programme offers grants to small and medium sized rural businesses for development in Littleborough, Milnrow and Whitworth.
Greater Manchester Investment Fund
This is a fund managed by the Greater Manchester Combined Authority to encourage business growth and job creation in Greater Manchester.
Loans are available for eligible companies that are having difficulty accessing traditional forms of finance from the private sector. Loans will typically be for up to 5 years, with the commercial interest rates reflecting the risk profile of the business.
- Flexible loans of £500,000 to £5 million.
- No specific security requirements, although the level of security will impact on the interest rate.
- No financial covenants attached to the loans; instead, information covenants to monitor outputs.
Projects can qualify if:
- They have been turned down by a bank or other lender but can sustain a level of debt repayment.
- There is a funding gap - this means the business has secured some financing but needs additional debt support to proceed.
- They demonstrate a clear link to jobs secured within Greater Manchester. The focus of the programme is on new job creation, but jobs safeguarded will also be considered.
Greater Manchester Housing Fund
The Greater Manchester Housing Fund represents a cornerstone of Greater Manchester's housing growth strategy, and specifically targets the ongoing constraints within the residential finance market, including the reduced risk appetite many lenders continue to exhibit and ceilings on the financial exposure they are prepared to accept.
This Housing Fund will initially provide loan development finance for private sector partners on a fully recoverable basis. It will be managed by the Greater Manchester Combined Authority on behalf of the 10 councils in Greater Manchester. The Fund will be open to applications on an ongoing basis.