Record year for Microloan Fund

Record year for Microloan Fund

The team at Rivers Capital are celebrating after the Finance for Business North East Microloan Fund had one of its most successful years to date.

The fund provides much needed access to cash for small businesses in the region and has helped 438 SMEs start-up or expand their operations since 2011.

With a commitment to stimulating new business the Microloan Fund’s portfolio has also successfully created and safeguarded over 1,200 jobs in the region.

The fund has helped companies in a variety of sectors, from established steel fabrication businesses such as Bowburn-based Masfab and Northumberland-based Eminent Engineering to Middlesbrough-based virtual reality firm Spearhead Interactive.

It has also helped aspiring local businesses such as Bishop Auckland-based microbrewer Black Paw Brewery and Hartlepool hot sauce manufacturer, Kilimandjaro.

Nikita Bazko, fund manager at Rivers Capital, said: “The North East Microloan Fund is recognised as offering microloans to fund big ideas.

“It provides simple, affordable loans to small businesses in the region looking for help to take their business to the next level.

“The continued surge of interest in the Microloan Fund this year, despite economic difficulty is evidence of the determination of North East entrepreneurs.

“Would-be entrepreneurs and established businesspeople are showing more confidence, and willingness to take risks starting or growing a venture.”

Jonathan Gold, managing director, added: “If you're a confident inspired business, you should have access to loans as it’s still the most appropriate form of finance for most businesses.”