Tyneside Cinema, Newcastle’s only independent cultural cinema, has secured its short-term future with a £700,000 loan from the North East Social Investment Fund.

“This money will be used to fund a major turnaround plan for the cinema, which as you will know has been facing an existential financial crisis over the past two years,” said CEO and Custodian Nic Greenan.

The nearly 90-year old cinema has been losing money for some time. Greenan said the plan now is to make the cinema “self-sufficient and self-funding within the next two years.”

North East Social Investment Fund is managed by Northstar Ventures, which has a range of investments in the region, focusing on technology, clean-tech, manufacturing, life sciences and social enterprise.

The cinema itself also raised more than £100,000 over the past 12 months through its ‘Love Tyneside’ appeal.

“I’m incredibly grateful to our loyal customers, staff, board and stakeholders, who have all dug deep and gone the extra mile to keep our charity going, enabling us to access the funding we need not just to survive, but to grow and thrive,” said Greenan.

“We will harness the passion so many have for the Tyneside, driving it forward so that it is not just a sustainable, independent cinema but a real magnet for audiences, a place of wonder and excitement for people of all ages, and audiences from all backgrounds.”