Financing Inclusive Growth with a Greater Manchester Community Bank

Key points
■ Increasing the supply of ‘patient capital’ for small and medium-sized
enterprises (including social enterprises) could help strengthen productivity
and promote inclusive growth in the Greater Manchester economy.
■ Local/regional banks are one way of doing this. There are successful models
in other countries and emerging examples in the UK. The RSA’s Inclusive
Growth Commission recommended their establishment as part of inclusive
growth strategies for cities.
■ Bank lending to small and medium enterprises has fallen more in Manchester
over the last 3 years than in comparative cities and over a " fth of GM
businesses report diffi culty accessing " nance to support growth.
■ A community savings bank at the GM level is one option that could be
considered. The Mayor’s offi ce could work with existing institutions to
conduct a feasibility study and evaluate the likely impact on inclusive growth.