Second Loans
If you've already secured a Start Up Loan for your business and have been trading for no more than five years, you may be eligible to apply for a Second Loan for that same business.Hundreds of individuals have already taken up this opportunity. For some it has meant the ability to buy a new piece of equipment to speed up business operations, while for others, the additional finance has allowed them to expand their business into new markets and take their sales plan to the next level.
Whatever your reason, with the ability to access additional finance at the same fixed interest rate of 6% per annum and a loan repayment term of one to five years, Second Loans are an affordable way to continue building your business.
They’re just one more way we help new business owners thrive.
Please note, although you may have worked with one of our Delivery Partners on your first Start Up Loan, our Second Loan applications are managed directly by our Applications Team. Our Business Advisers will work closely with all applicants to finalise documents and offer support throughout the process.
Because this is a personal loan used for business purposes, our application process will consider your personal circumstances, your repayment history for your first loan, your business’ trading history and your future business plans.
There are four key stages of the Second Loan application process:
You will be required to provide both personal and business information, including your bank account details, to help us determine whether you are eligible to apply for a Second Loan. We will use this information to complete a credit check.
It should take no longer than 15 minutes to complete this application form and, once submitted, we will contact you within two working days to let you know if you’re eligible to proceed.
If you are eligible to proceed, you will need to provide a range of documents to help us assess your current personal situation and business progress since taking on your first Start Up Loan. This will include:
- An up-to-date Business Plan
- Personal Survival Budget
- 6-month Actual Business Cash Flows
- 12-month Cash Flow Forecast
- Three months’ consecutive business bank statements
We have created templates for each of these documents that specifically outline what information we require and will send these to you to complete once you pass Stage 1.
Please note, you may also be required to provide other forms of verification documents, including but not limited to personal bank statements, proof of ID, proof of address and visa (if applicable).
You will be assigned a dedicated Business Adviser, who will provide any support you require to finalise your application and business plans for assessment.
As part of our commitment to treating customers’ fairly, your application will be assessed by both your Business Adviser and at least one other qualified individual.
Once your application has been assessed, your Business Adviser will contact you via phone and email with the outcome of your application. If your application has been successful, you will be assigned to a Finance Partner who will mail you a copy of your Loan Agreement for signing and once you have returned this, your loan funds will be distributed.
Apply today
Submit your application form and we’ll be in contact within two working days.
Because this is a personal loan used for business purposes, our application process will consider your personal circumstances, your repayment history for your first loan, your business’ trading history and your future business plans.
There are four key stages of the Second Loan application process:
You will be required to provide both personal and business information, including your bank account details, to help us determine whether you are eligible to apply for a Second Loan. We will use this information to complete a credit check.
It should take no longer than 15 minutes to complete this application form and, once submitted, we will contact you within two working days to let you know if you’re eligible to proceed.
If you are eligible to proceed, you will need to provide a range of documents to help us assess your current personal situation and business progress since taking on your first Start Up Loan. This will include:
- An up-to-date Business Plan
- Personal Survival Budget
- 6-month Actual Business Cash Flows
- 12-month Cash Flow Forecast
- Three months’ consecutive business bank statements
We have created templates for each of these documents that specifically outline what information we require and will send these to you to complete once you pass Stage 1.
Please note, you may also be required to provide other forms of verification documents, including but not limited to personal bank statements, proof of ID, proof of address and visa (if applicable).
You will be assigned a dedicated Business Adviser, who will provide any support you require to finalise your application and business plans for assessment.
As part of our commitment to treating customers’ fairly, your application will be assessed by both your Business Adviser and at least one other qualified individual.
Please note, subject to this final assessment, you may be required to provide further information to support your application.
Once your application has been assessed, your Business Adviser will contact you via phone and email with the outcome of your application. If your application has been successful, you will be assigned to a Finance Partner who will mail you a copy of your Loan Agreement for signing and once you have returned this, your loan funds will be distributed.
Frequently asked questions
We can lend a maximum of £100,000 to any one business so if you and your business partners have already borrowed up to this threshold between you, you may not be eligible to apply for further finance.
Building your business
We work to give you the support you need to build your business at every stage of your journey.
Business offers
If you have successfully secured a Start Up Loan, then we invite you to enjoy a range of special offers on useful products and services for your business thanks to our corporate partners.
Business tips and advice
Every month we publish a wide range of articles with practical tips and advice from business advisors and industry experts designed to help you build your business.
Our success stories
We’ve already backed thousands of businesses with a Start Up Loan. Read on to find out about our success stories and how our support helped them turn their dreams into reality.