If you’re concerned about progressing with your Start Up Loan application right now, we understand. We’re living through unusual times. But, at Transmit Startups, we’re looking to the future and brighter times ahead. If you still want to proceed with your business plans, we’ve got options to help.
- I have a loan application in progress
If you’ve not been approved for your loan yet, or if you’ve been approved and are not sure about drawing down the funds right now, speak to your Business Advisor - or contact Rosa Mason. We can talk through your options and help you move forward with a plan that works for you.
Like all lenders, we know that people need flexibility at the minute, so we can offer the following:
- Repayment schedule to suit your circumstances – We’re humans, not robots, so talk to your advisor to discuss a repayment schedule that works for you. This could include a capital repayment holiday where you don’t need to make full repayments for 3 – 6 months.
- Draw down and delay – If you’re concerned about your ability to make repayments immediately, you can draw down your loan and contact GCBF (the people who manage loan repayments) on 0161 245 4900 to discuss a three-month repayment freeze. This will give you money for your business, with space to breathe before any payments are due.
- I've already received my loan
GCBF have been very helpful as well as sympathetic to loan recipients during these times and we have heard very positive feedback regarding their customer service. If you experience any difficulty after receiving your loan, they are always there to let you know of any help they can offer.
And don’t forget your Start Up Loan includes mentoring from Transmit’s own expert mentors for a year. We’ll be in touch to arrange this after you draw down your funds.
- I'm thinking about applying
As part of your application, we'll look at the impact of this and make sure your repayment schedule is a sensible, achievable one - which can include delaying the point at which you need to start making those loan repayments. We often speak to people about loans weeks or months before they actually want to start trading, and the loan process for someone who isn't currently trading can take several weeks.
You might be surprised to learn how many businesses are started in tricky circumstances and go on to be wildly successful...
Business as usual
Transmit Startups and GCBF are operating on a ‘business as usual’ basis – working from home – so all services are operating as normal. There should not be any extended periods of delay in processing your loan application.
Advice and information
You can find advice and information, and sign up to our newsletter specifically about Coronavirus support, at transmitstartups.co.uk/coronavirus-support/
Everyone at Team Transmit wishes you the very best during this testing time. Here’s to a bright future for you and your business.