The 29-year-old TV business guru is returning to the financial sector - where she worked before she found fame as the runner-up of The Apprentice last year - for her new venture.
Based in Piccadilly, the new business will be called North West Money and will offer secured loans, mortgages and other products.
She is recruiting for staff now and expects to be open for business in mid September.
North West Money is a joint venture between Ruth and Chris Smith, her former boss at Bury-based Compass Finance, where she worked as sales director before applying for the hit BBC business show.
The pair have invested a `substantial sum' in the venture.
She said: "Manchester is the place to be launching a new business. I looked at other cities but I love it here. I am very excited by the new venture.
"Although I have loved the media work that has followed since The Apprentice, my heart and soul has always been in financial services. I always knew I would return to it. This was always my long term plan. I'm going back to what I know."
Ruth, plans to move the base of The Ruth Badger Consultancy from Didsbury to Piccadilly, so all her interests are under one roof.
She is initially recruiting around 15 members of staff, but she expects staff numbers to grow to around 50 within three years.
"We're doing this properly, we're here for the long haul. We won't be a fly-by-night operation.
"Our aim is to offer a local advisory service to Manchester people.
"We'll always do our best for our customers, particularly if they have got into a difficult situation, by helping them reduce payments.
"We've chosen a city centre location because we want to be visible and accessible."
Mr Smith, 48, who built up Compass Finance in Bury from a start up in 1999 to a business making £2.5m profits on turnover of £13.5m, said: "We intend to build a successful and profitable business. We will stick to what we are good at - homeowner loans, remortgages and debt consolidation."
Based in Surrey, Mr Smith plans to spend `two or three days a week' in Manchester.
He said: "Ruth will be running the show, I'll just be there when she needs me."
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