Start up loans delivers landmark £25M to microbusinesses in North east

startup loan company launch

The North East of England is fast becoming a hub for aspiring entrepreneurs, according to new figures from the Start Up Loans Company(SULCo), which shows that it has lent £25 million to small businesses in the region since it launched six years ago.

A total of 3,219 business in the North East of England – and more than 55,000 across the UK – have received low-interest loans from the Government-backed programme since it was set up in 2012 by then Prime Minister David Cameron (pictured at launch) . The average loan in the area is £7,000.

Brothers Sam, Tom and Patrick Quilliam applied for a loan to set up Quilliam Brothers, a tea house and cultural hub in Newcastle, which offers fine teas sourced from across the globe. It also showcases the work of young, local artists.

Each securing a loan of £5,000, the brothers used the money to renovate the historic premises near Haymarket, fulfilling their life-long ambition of working together. Set up in 2013, the business now employs 24 people, and opened a hostel in Montenegro last year.

Patrick Quilliam, co-founder of Quilliam Brothers, said: “Working together and being our own bosses has been an ambition of ours for years and we haven’t looked back since starting Quilliam Brothers back in 2013.

“Drawing inspiration from around the world in the design of the space to our teas, but also supporting local artists, we’re delighted by the success of our business in Newcastle.

“With the financial help of the Start Up Loans Company, we were able to get our business off the ground and now employ 24 people”.

Commenting on hitting the £25 million milestone, David English, Chief Marketing Officer at The Start Up Loans Company, said: “It’s great to see the North East of England continuing to cement its position as an entrepreneurial hub, with so many people starting their own businesses with the help of our low-interest loans. Start-ups are a critical part of our economy and we’re delighted to see the growth in self-employment across the region.

“Setting up a business can be tough, which is why along with our financial support, we offer all Start Up Loan recipients free mentoring to ensure they are supported along their journey. It is our aim to help as many new and early-stage businesses in the UK as possible and we look forward to supporting many more aspiring business owners in the North East of England.”