A Middlesbrough design company, Dearden, has secured a £25,000 loan from the Finance for Business North East Microloan Fund, a regional loan scheme managed by Rivers Capital Partners that provides small businesses with micro loans to fund their big ideas.
Dearden designs and manufactures innovative furniture and lighting for a high-end international market. The company is well known in the manufacturing world for designing and prototyping an expanding table, which was featured on the Gadget Man Christmas show in December 2014.
Dearden has also designed and manufactured a unique chandelier. Resembling chrome exhaust pipes, the chandelier provides multi-directional lighting from a single source. Appealing to the luxury market, the company also produces bespoke office chairs inspired by the leather-upholstered, ergonomic driving seats found in classic sports supercars.
Nick Dearden, Director, started the company with the intention of creating perfectly engineered products that are visually striking as well as functional. He was inspired to create the expanding table after discovering Robert Duke, a furniture upholsterer who, in 1885, tried to create a similar product but could not quite get the design right.
The cash investment from the Microloan Fund will enable Nick to take a large number of his furniture pieces to design shows. By October 2015, the company will have produced twenty tables and chandeliers to exhibit at the 100% Design show in London. From there on, the business hopes to enter the UK interior design retail market.
Commenting on the process of receiving a loan, Nick stated that it was "very professional, the administration was thorough and the staff were friendly."
Nikita Bazko, Fund Manager at Rivers Capital Partners, said: "Nick is a great example for North East businesses. In a matter of years, Nick envisages his business as an internationally recognised brand name. He would like to be producing products that have a legacy and will come to be regarded as family heirlooms.
"The funding will enable Nick to employ an apprentice and assistant designer, freeing up his time to focus on a strategy for growth."
The North East Microloan Fund provides small loans of £1,000-£25,000 that make a big difference to businesses in the region. The Fund is ideal for inspired individuals who know that lack of finance is the missing link that is holding their business back.
The Fund is specifically aimed at businesses that have been struggling to secure mainstream finance and can provide affordable credit for those with a poor credit history. A loan fund run by entrepreneurs for entrepreneurs, the decision to provide a loan is not based on the assets a company has but rather the overall quality of the business. This makes for a speedy, hassle-free application process, which you are guided through by professionals every step of the way.