Entrepreneurs stretch out into new opportunities with second loans
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For entrepreneurs based in Britain, a Second Loan from Transmit Startups offers a way to finance growth in 2023.
Whether it's an unexpected opportunity, or part of a structured growth plan, small business owners who find themselves in need of more finance can check the eligibility criteria for a Second Loan here.
To apply to 'top up' their Start Up Loan, the business must have been trading for at least six months but cannot have been trading for more than five years. The additional finance from the second loan must be for the same business as the first Start Up Loan, and the total amount borrowed at one time cannot exceed £25,000.
For example: a business owner who borrowed £15,000 for their first Start Up Loan and has paid off £5,000 will have a remaining balance of £10,000. They can apply for a Second Loan of up to £15,000!
Lauren Crowder borrowed £15,000 in 2021 to transform a Grade II listed building in Liverpool into her multi-sensory yoga studio, Eleven Eleven.
In 2022 Lauren topped up her loan with an additional £5,000, which was used to cover the marketing of Eleven Eleven's second studio, dedicated to Pilates, barre and yogalates.
Lauren described the difference her second loan made to her business:
Adding the second studio increased our gross profit by 30% and created us a whole new customer base.
If we’d not had the money, we wouldn’t have been able to accelerate our growth anywhere near as quickly. We were able to improve our cashflow, increase our confidence and build a whole new level of momentum. We had a record month when we launched the second studio.
Ian Straker, co-founder of Transmit Startups said:
"The resilience of small businesses in Britain is really coming through at the moment, and we're seeing entrepreneurs who've successfully navigated the last few years now getting themselves in a great position to grow.
For businesses who established themselves with a Start Up Loan, the speed at which a Second Loan can be applied for and drawn down is incredibly helpful. When an opportunity presents itself, I would encourage independent business owners to log in and apply now to get ahead of the competition.
Once you've been trading for five years this unique form of finance will no longer be available to you."
"We’re delighted to be the 2000th loan recipients!"