North East startup smashes £50m business lending target ahead of schedule

A North East startup providing loans for new enterprises has exceeded its lending target seven months ahead of schedule.

Transmit Start-Ups, which is based in Gateshead, has supported over 5,000 entrepreneurs across the country with total lending of £50.9m.

Founded in 2013 by entrepreneurs Damian Baetens, Richard Myers and Ian Straker, Transmit Start-Ups offers entrepreneurs low interest loans through the Government-backed Start Up Loans programme, alongside mentoring services.

Co-founder and business support director Damian Baetens commented: “It’s fair to say we are pretty chuffed to be hitting these big numbers. That three guys from Gateshead could have had this kind of impact on the UK’s start-up community is really something.

“It’s an accomplishment we share with our incredible team whose high standards, genuine care and Northern warmth have made us the number one choice for Start Up Loans in the UK.”

Co-founder and commercial director Richard Myers added: “Small businesses are the lifeblood of our economy and it’s crucial that they have access to the finance and guidance they need to fulfil their potential.

“Start Up Loans were designed to plug the gap left by the banks whose lending criteria often leaves entrepreneurs out in the cold.

“Each of our loans represents one more person moving towards their goals and it’s really humbling know we’ve played a part in their journey to get their business off the ground.”