Grow your business with a second loan
Growing your business may require you to secure additional funding to support your needs - boost working capital (cashflow), acquire new equipment or stock, hire staff, or move premises, whatever your needs, a Second Loan can provide you with the funding you need.
What is a second loan
Second Loans are an affordable way to continue building your business. If you have a Start Up Loan for your business and have traded for less than 5 years (60 months), you may be eligible for a Second Loan for that same business.
Am I eligible for a second loan
To be eligible, you must have drawn down your first loan at least six months ago. Additionally, your business must have been trading for a minimum of three months and no more than 60 months. Furthermore, you must have made all repayments as per the schedule for the three months preceding your application for the second loan.
Note: If you have been on a Capital repayment holiday, you must have made 3 full (capital repaid) repayments as per the schedule preceding the second loan application.
What if I need to borrow more money
You may be eligible for a Small Business Loan which could provide up to £250,000.
Frequently asked questions
Have questions? Here are some of the most common ones we get about Second Loans. If you have more questions, feel free to get in touch with us.
How do I apply for a second loan
Check your eligibility using the Start Up Loans Company's Customer Portal.
Credit Check. If you pass the credit check you will proceed to Stage 3.
Provide an up-to-date Personal Survival Budget, the actual Business Cash Flow covering the last six months (or from your start trading date if less than six months), a 12-month Cash Flow Forecast, and three consecutive months of business-related bank statements.
Your application will then be progressed by a member of our Start Up Loans team.
The application process considers your personal circumstances, your repayment history for your first loan, your business’ trading history and your future business plans.
Apply now