Manchester Tech Companies Benefit from Bank Support
As Manchester Named Top UK City for Tech Companies, Metro Bank Offers Practical Support for Growth
Funding, networking and mentoring are keys steps to growth for the burgeoning UK tech scene according to Metro Bank, as Manchester is named the top UK destination outside of London for tech companies in CBRE’s 2022 UK Tech Cities Report. The top 15 tech destinations are:
1 Manchester
2 Birmingham
3 Glasgow
4 Reading
5 Edinburgh
6 Bristol
7 Newcastle
8 Leeds
9 Oxford
10 Sheffield
11 Nottingham
12 Liverpool
13 Cambridge
14 Brighton
15 Portsmouth
The tech sector not only represents 7% of total economic output for the UK, but is predicted to grow faster than the UK economy overall by 2027. Just over 19,000 new tech companies were created in 2020 (ONS: 19,425) and Manchester is home to 5,725 tech companies.
The report credits a diverse population as a key driver for cities looking to attract tech companies as well as access to a highly skilled female population. In addition Manchester has been able to access its highly skilled graduate population.
“I am not surprised that Manchester is hugely popular for tech businesses – given the level of talent we see with the entrepreneurs we work with,” commented Metro Bank Local Business Manager, Chloe Jacques. “We supported numerous tech businesses during the pandemic with access to Government funding including BBLs, CBILs and RLS loans, so it is really refreshing to see that business growth in Manchester is now performing exceptionally well. One of our new tech start-ups has grown to 12 employees in just eight months and like many new business there are grants available for business growth, but whilst these are being progressed, we can step in with overdraft funding to tide the business over until the grant monies are received.
“Tech companies tend to be agile and need to move quickly – we can set up bank accounts and print cards in store, so entrepreneurs can get going immediately. Not only can we provide access to a full range of commercial products and solutions, but also we support all tech businesses with a dedicated relationship management team. As businesses grow, for those with a turnover in excess of £2m, we can provide bespoke funding and banking solutions.”
Metro Bank has a great business customer pedigree having been independently named the highest rated high street bank for overall service quality for business customers. Technology businesses are most interested in the Bank’s online banking platforms and capabilities with banking solutions at standard or bespoke tariffs to suit the businesses; this includes Xero accounting integration, card machines in partnership with Acceptcards and SME insurance, in addition to more traditional commercial funding.
Metro Bank tech business customers also receive free membership to Enterprise Nation. Enterprise Nation provides access to its 100,000 members with networking advice and support through blogs, webinars, business news and services. Blogs include advice on everything from how to impress a lender and how to successfully speak in public to the five tax mistakes to avoid as a company director. A full calendar of webinars includes everything from how to start up a business with no start-up funds to pricing your products and services.
Manchester Metro Bank is located at 45 Market Street, M1 1WR. The store is currently open Monday to Saturday: 8.30am to 6pm, Sunday: 11am to 5pm.