The milestone comes as the firm completes three years as a delivery partner for the Government’s £310m Start Up Loans programme, offering entrepreneurs and new businesses both mentoring and financial support.
To date, businesses supported by Transmit Start-Ups have created thousands of new jobs in the region across a range of industries, with 32% of all loan applications coming from the North East.
The recipient of the loan that broke the ten-million-pound milestone is moo pie, run by Alnwick-born, 27-year-old Emma Riddell, who sells gelato from a bike at the Tram Stop Market in Leith, Edinburgh.
Using the loan from Transmit Start Ups, Riddell bought the equipment needed to get her business idea up and running, including a state-of-the-art batch freezer from Italy’s leading ice-cream equipment maker.
She said: “I was delighted when I found out that my start-up loan application had been accepted. I relish a challenge and having worked in customer-facing roles for so long I felt this was the perfect time for me to start-up by myself.
“I feel there is a gap in the market to sell quality, Italian gelato with a unique twist. It’s amazing to think that my start-up loan broke the £10m barrier for Transmit Start-Ups. I really hope this will inspire others to take that first step on their own start-up journey.”
Of all of the Transmit Start-Ups loan recipients, 42% have started their own businesses from full-time employment, while 13% starting their own business were previously unemployed.
Richard Myers, commercial director of Transmit Start-Ups said: “We ourselves only started up three years ago and have been on our own start-up journey. To reach this landmark of providing over £10,000,000 to more than 1,200 entrepreneurs under the Start Up Loans programme is incredible.
“We are extremely proud of all of the businesses we have helped both with our start-up loans and business mentoring. We’re approached with different ideas from aspiring entrepreneurs and new business owners every day and it is amazing to be able to make so many of these dreams and ideas become a reality. The number of applications we receive has increased month-on-month since we started, particularly in Scotland and across the North East, prompting us to open offices in Glasgow and Edinburgh so that we can meet demand and respond to applications quickly.
“Emma is a great example of one of these entrepreneurs and we look forward to mentoring and watching her success as she builds her own business.”
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