An enterprise dedicated to getting more people cycling across the North East has secured funding to help with the refurbishment costs of its new premises.
The Cycle Hub, based at the Quayside, Newcastle, is a social enterprise that promotes and facilitates cycling, complete with bike hire facilities, cafe, bike shop and repair workshop.
It was co-founded in 2012 by Newcastle’s Cycle Centre and holiday company Saddle Skedaddle after the two groups saw the need for a place where Newcastle’s growing cycling community could meet after a ride.
Since it was established, The Cycle Hub has created six new jobs and provided advice to many local people about the health benefits of cycling.
It secured a £25,000 loan from Big Issue Invest, the social investment arm of The Big Issue.
Emma Hallington, marketing manager for The Cycle Hub and Saddle Skedaddle, said: “In many ways, being a social enterprise is just like being any type of business, but it can be difficult for traditional lenders to see that our aims go beyond just profit, and so they are sometimes wary to lend to us.”
Rod Jones, regional director for Big Issue Invest, North East and Cumbria, said: “At a time when 15% of UK small businesses rate access to finance as the most pressing issue they face, Big Issue Invest is here to support social businesses in the North East.”