Fresh call for North-East entrepreneurs to take up £700,000 offer (From The Advertiser Series)
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Music tuition company backs Government loans scheme
6:00am Friday 22nd March 2013 in Business
By Steven Hugill
Music tutor Tom Atkinson, right, teaches David Ballantyne a few chords
ASPIRING North-East entrepreneurs hoping to kickstart their own business can still claim their share of £700,000 funding.
The Government's Start-Up Loans programme is offering cash to small firms, and has already given £300,000 to more than 60 entrepreneurs.
The scheme, backed by a consortium including Virgin Money, Virgin Unite, Project North East (PNE) and the Northern Rock Foundation, is calling for more young people to come forward with business ideas and apply for loans, ranging from £250 to £25,000.
It has already helped a number of businesses, including tuition company, Music Tutor Direct, which offers guitar, piano and percussion lessons across the North-East.
Founded by Michael Hughes, the business was helped by a £5,000 loan, and now has about 130 customers.
He said: “We went months without customers, but the loan certainly helped and it gave us more credibility.
“We are going to be here for the long-term and those benefits come from getting with the money.
“If you are a small business and know you can make something of it, the loans are absolutely vital and can make such a difference.”
For more information about the loans scheme, visit startuploansnortheast.co.uk
