A Gateshead company providing award-winning support to entrepreneurs has announced a new ethical loan fund to help grow businesses who find accessing finance difficult.
The fund, delivered by Transmit Growth Loans, has been created to support small business across England whose growth is stunted because of a lack of affordable finance.
It aims to make access to funding fair, flexible and simple, with loans of between £10,000 and £60,000 initially.
Applications will be considered from young businesses based on forecasts, not trading history, meaning even those with a short track record can finance their aspirations for growth providing they are credit-worthy.
Transmit, based at Northern Design Centre, also operate Transmit Startups, the UK’s leading provider of Start Up Loans who have lent over £55m to businesses across the country since 2012.
Richard Myers, Commercial Director at Transmit, said: “The Transmit Growth Fund means a lot to us because it helps address an issue close to our hearts. For too long, too many young and ambitious businesses have been unable to fulfil their potential because they’ve been frozen out by the traditional criteria of products offered by the banks.
“This fund promises to change that, providing the affordable and ethical finance that all entrepreneurs need and deserve. And because the loan isn’t coming from a bank and driven by profit, we have the freedom to be more flexible when it comes to considering individual circumstances.
“We are really excited to witness the impact this has on the nation’s SMEs and predict it could support everything from job creation in more disadvantaged areas to creating social mobility.”
Transmit was launched by Damian Baetens, Richard Myers and Ian Straker – three North Eastern entrepreneurs with a shared ambition to help others making their own way in business.
The new product complements Transmit’s existing range of funding, consulting, coaching and mentoring services that are designed to support entrepreneurs throughout their business journey.
The Transmit Growth Loan provides a natural follow on to the alternative funding support provided by Transmit Startups, which has so far backed 5510 entrepreneurs and received the coveted Gold Trusted Service 2018 award from customer review platform Feefo.
Ian Straker, Operations Director at Transmit Group, said: “As a start-up ourselves we understand the challenges entrepreneurs face when running and growing their business and that empathy helps to set us apart from other lenders.
“Customers also tell us time and again that our Northern warmth is another major differentiator so we are obviously delighted to have secured this contract for the North East and our valued team.”
Transmit employs 28 people across its head office in Gateshead, its Scottish base in Glasgow and its network of consultants across the UK and is beginning to recruit further team members to handle its expanded services.