A new loan fund has been launched to help grow businesses that find it difficult to access finance.

The fund, delivered by Transmit Growth Loans, has been created to support small businesses across England whose growth may be stunted due to a lack of affordable finance. It aims to make access to funding “fair, flexible and simple”, with loans of between £10,000 and £60,000 initially.

Transmit was launched by entrepreneurs Damian Baetens, Richard Myers and Ian Straker. Applications for the funding will be considered for young businesses based on forecasts rather than their trading history, says the company. “Meaning even those with a short track record can finance their aspirations for growth providing they are credit-worthy.”

Richard Myers, commercial director at Transmit, said: “For too long, too many young and ambitious businesses have been unable to fulfill their potential because they’ve been frozen out by the traditional criteria of products offered by the banks.

“The Transmit Growth Fund promises to change that, providing the affordable and ethical finance that all entrepreneurs need and deserve. And because the loan isn’t coming from a bank and driven by profit, we have the freedom to be more flexible when it comes to considering individual circumstances.

“We are really excited to witness the impact this has on the nation’s SMEs and predict it could support everything from job creation in more disadvantaged areas to creating social mobility.”

The UK business representation group, FSB, applauded efforts to reach more businesses with the potential to grow. Simon Hanson, development manager at FSB, said: “There are too many smaller businesses still reporting that accessing affordable finance is a huge barrier to their growth. The traditional banking sector does not work for them and finding viable alternatives is confusing.

“The Transmit Growth Fund will help to radically shake up the market and provide those that need it the flexible finance that they want. These loans will help those that are running smaller businesses the chance to achieve their ambitions and deliver economic growth across the country.”