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New £40m loan fund to fuel small firms' growth

Santander Corporate & Commercial is backing a new £40m fund to support small businesses. Manchester-based Enterprise Ventures is behind the fund which is also supported by the Greater Manchester Pension Fund. Santander's investment in the fund is part of its Breakthrough initiative, which provides a unique suite of financial and non-financial services and products for businesses. The fund will provide loans of up to £1m to help SMEs grow. The launch of the new fund brings Enterprise Ventures' total funds under management to £200m. Enterprise Ventures SME Loans are available to established businesses anywhere in the UK which have been trading for three years or more and which have a current or anticipated £100,000 operating profit and a minimum turnover of £1m. Loans will be available for all purposes, including acquisitions and asset purchases.

 

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