Member Article

Gateshead design company secures £15K loan to grow

Design consultancy Forward Design Innovation has secured a £15K loan from the Finance for Business North East Microloan Fund.

The loan scheme, managed by Rivers Capital Partners, provides loans between £1,000 and £25,000 to North East businesses that are unable to receive financial backing from mainstream lenders.

The loan will enable Forward Design to employ another member of staff and focus more time and resources on business development activities to expand their client base.

Based in the Northern Design Centre in Gateshead, Forward Design works closely with clients to collaborate and generate a fresh perspective through employing design research and thinking tools.

They work only in the front end of the design process to create value propositions for their customers.

Director James Shutt founded the business in 2013 after completing both undergraduate and postgraduate degrees in design at Northumbria University.

James was previously also an Innovator in Residence at Northumbria University where he continued his professional development working on commercial projects over two years.

James said: “The funds we secured through Rivers has allowed us to focus on developing new client relationships.

“We’ve been able to expand our client base and start to create a diverse and robust portfolio. This in turn allows me to be confident about expanding my team and operations.”

James Holloway, investment executive at Rivers Capital said: “Forward Design Innovation has outstanding potential, they have a wealth of knowledge in this industry and they will use this to develop the business.

“It is impressive to see what James has built, and rewarding to know that we have helped the business in its next stage of development.”

Rivers value the quality of the business applicant, rather than their assets.

It is a quick and easy process with successful applicants receiving their loan on average in just two weeks.

The Microloan Fund aims to boost the regional economy and since inception in 2011, has created over 520 jobs and safeguarded over 750.

This was posted in Bdaily's Members' News section by Bdaily Publishing .