You have been approved for a Start Up Loan!
Now that you are at the final steps for securing your funding you can really start getting those business plans in motion.
To help you during these final steps we have put this page together to explain what happens next.
First things first, we would like to introduce you to our finance partners. Based in Manchester, The Enterprise Fund trading as GC Business Finance work with Transmit Start-Ups to pay out funds to all of our loan approvals. They also collect your loan repayments through direct debit.
I’ve been approved, what happens next?
In your approval email there is a link to our Mentoring Agreement and Loan Repayment Information. Please read the information, and fill in the online form.
Once you have completed the Mentoring Agreement you will get an email confirmation. We also get a copy here at Transmit and once we have received that we can start the next step!
We will input your application to the GC Business Finance system. They will then check over your application and prepare your Loan Agreement.
GC Business Finance will post out your Loan Agreement. It is posted first class and should arrive at your address within 2 working days.
Read through the document carefully, and if you are happy, sign the agreement, and complete the direct debit mandate and the BACS transfer form.
Once GC Business Finance has received your signed and correctly completed Loan Agreement, you should receive the loan funds within 5-10 working days.
When will I need to make my first repayment?
Your repayment schedule will be provided by GC Business Finance and is included in the Loan Agreement you will receive by post after approval.
Your Loan Agreement from GC Business Finance will be valid for two weeks. This timescale is used when calculating the date of your first repayment.
Our Loan Calculator can be used to gain an idea of how much your monthly repayments will total. However, the calculator is for illustrative purposes only, and your monthly repayments will be calculated by GC Business Finance when the loan is approved.
Payment Schedule Examples
Once you have received your loan funds, your first repayment will fall as the examples below:
If your loan is approved in January and you receive the funds in January, your first repayment will be on the 1st March.
If your loan is approved in January and you receive the funds in February, your first repayment will be on the 1st April.
It’s important that you complete the Loan Agreement that you receive from GC Business Finance carefully.
This is a legal document so any incorrectly completed agreements will not be accepted and GC Business Finance will contact you via email to ask you to complete the forms again. Unfortunately this will cause a delay for receiving the loan funds. To speed things along below is a list of the most common form errors to avoid:
When signing the agreement, all your signatures must match. They must also match the signature on your ID documents (passport, driving licence, etc).
The details you enter on the direct debit mandate, and the BACS transfer form must match the details on the bank account you provided as part of your application.
If you notice any incorrect information on the form, contact GC Business Finance straight away. Any forms with corrected information will not be accepted.
Entered the wrong info?
Get in touch with GC Business Finance straight away for new forms. Documents with crossed out information, or edited with tipex, won’t be accepted.
GC Business Finance Contact Details
Use these details for any enquiries you have before you have received the loan.
0161 245 4992 / 0161 245 4953
Use these details for any enquiries you have after you have received the loan.
0161 245 4900
Please note, Transmit are unable to offer any advice on repayments or payment issues. If you have any questions regarding your loan, please contact GC Business Finance. If you would like business advice, please get in touch with Transmit.
You can find the details of your finance partner on your loan agreement, or on our GC Business Finance page. If you have lost these details, please contact Transmit Start-Ups who will be able to provide contact details.
GC Business Finance will be your main point of contact for discussing the terms of your loan and any other matters related to your repayments.