The Inc and Co Capital Story. Helping Manchester businesses in need
After launching Inc & Co Property Group, we didn’t expect to be launching another branch of Inc & Co so quickly in succession. However, with the world quickly plunged into difficulty, we are facing the most difficult situation since WW2 and everyone has been affected. We preach about helping other businesses, it’s our ethos, it’s what we stand for. So in these difficult times we weren’t just going to sit back and do nothing. Therefore, Inc & Co Capital was born.
Inc & Co Capital is born
With help from the Inc & Co team, we managed to set up Inc & Co Capital in time to save businesses in Manchester that may be struggling.
The purpose of Inc & Co Capital is to provide financial support to local businesses within the creative and digital sector in Manchester. Businesses can apply via the Capital site, and if they qualify, we provide them with the finances they need to support their business over the next few months. Businesses can borrow up to £20k at a very reasonable rate of 1.90% per year, and pay us back as and when they are ready within 12 months (more details can be found here). We want to keep our interest rates low because we want to help, we don’t want to gain off others misfortune by having extortionate rates.
Why did we start Inc & Co Capital?
We felt like the right time to launch Inc & Co Capital was now. In the current global crisis, a huge amount of businesses are struggling. As much as we would like to assist all of them, we wanted to focus on helping our friends in Manchester.
Manchester is a hub for tech startups, SME’s, creatives and digital experts. Sadly, small businesses are some of the most affected by the crisis economically. UK SME’s and small businesses are a huge contributor to the economy. They support local communities in so many ways, and we want to protect them to help keep the UK economy afloat both now, and once the pandemic subsides.
The importance of SME’s and small businesses for the UK economy
Coronavirus will no doubt impact the economy, but we hope that by saving our SME’s we can lessen the blow. SME’s are essential for numerous reasons. Firstly, they create jobs. In 2018, jobs in SME’s accounted for 60% of all private sector employment. With so many SME’s in Manchester this has an impact not only nationally, but also on our own city’s economic growth. Small businesses also add to GDB, promote ethical buying and one of the most important factors, inspire other people to start their own business. At Inc & Co, we’re dedicated to helping people start businesses, by providing support and advice to help them to become a confident business owner.
Funding and support from the government for SME’s means people can take the leap to be innovators in their industry. Small businesses allow innovators to trial and test new tech, explore the digital field, challenge corporate competitors, and test new processes which ultimately adds value to industries and economies.
If SME’s are struggling more than usual during Covid-19, having to close down because of lack of cashflow, worrying about funding, or worrying about starting their business altogether, then we risk losing the innovators, the challengers and the entrepreneurial minds of Manchester. This is why it is so important to us to help as many small businesses as we can financially during this time.
If you are worried about the financial impact on your Manchester business due to Covid-19 then we can help, head over to https://incandcocapital.com/ to learn more about our financial support.