Second loans are now available through Transmit Startups, to applicants who previously received a Start-Up Loan from us. The amount of the second loan added to the value of the current start up loan cannot exceed £25,000. The interest rate will still be 6%.
- The business must have been trading for at least six months but cannot have been trading for more than two years.
- The additional finance must be for the same business as the first Start-Up Loan.
- The total outstanding Start-Up Loans balance cannot exceed £25,000 at any one time (per individual).
- The total lent to any one business cannot exceed £100,000 (including all individual business partners).
- The applicant must still meet all of the original Start-Up Loan criteria.
- The applicant must have made six full repayments on their first Start Up Loan.
- In the last six months, the applicant must not have had any late or missed repayments on their first Start Up Loan.
- The applicant cannot have been on a reduced repayment plan or Interest Only period (capital repayment holiday) within the last six months.
- All applications are subject to credit check and business assessment.
There is no referral payment for applicants going for a second loan. You will not need to offer advice during the application; it should be led by the applicant as they have started trading and should be comfortable with the figures etc. Second loans are an additional option you can offer to your clients as part of the ongoing support.
If any of your clients are interested in applying for a second loan, please direct them to the link below: https://transmitstartups.co.uk/second-loans/