Greater Manchester based car finance firm Zuto has secured a £1 million cash injection from the Greater Manchester Combined Authority (GMCA). The funding will support the company’s expansion plans.
Zuto, the UK’s number one car finance specialist, matches up consumers who want to buy used vehicles, from dealers or private sellers, with lenders who can offer finance at affordable rates. The company’s panel of lenders includes trusted high street names, such as Barclays and Santander, as well as smaller, specialised finance companies.
The £1 million loan to Zuto was provided through Greater Manchester’s Core Investment Fund which offers debt and equity investments of between £0.5m and £5m to growing businesses in the region. The funding will support Zuto’s expansion plans, leading to the creation of 50 new jobs in the region.
Councillor Kieran Quinn, GMCA lead member for investment and finance said, ‘It’s a pleasure to know that at every Combined Authority meeting, we are approving funding awards like this one, which support business growth in the region.
‘Zuto provides a hassle-free way to access car finance. It allows those who need, or want, the freedom of having their own transport to purchase a car without having to find the cash up-front. The fact that this investment will enable people to improve their mobility is fantastic, and to be supporting the creation of 50 new jobs in the area, makes this decision even more rewarding.’
Paul Ramsden, Finance Director at Zuto adds, ‘We’re thrilled to receive this extra injection of cash, which will help us achieve our goals for expansion over the next few months. We’ll create jobs that benefit the people of Greater Manchester and the surrounding area. And the more people we have at Zuto, the more people we can help through the car buying journey, getting them on the road in a quick, affordable and convenient way.’