Start-up loans are designed to finance the initial costs of starting and developing a business, and therefore cannot be used to fund the following activities:
• Debt repayment
• Training, qualifications, or education programmes
• Investment opportunities that do not form part of an on-going sustainable business
• Personal, non-business related expenses
Please note, other exclusions may apply and Transmit Start-Ups reserves the right to update this list at its discretion.
A secured loan requires an asset (such as a property) or a guarantor to obtain the loan. This is known as collateral, and in the event that the loan cannot be repaid the company issuing the loan may take possession of the asset or call upon the guarantor to repay the loan.
An unsecured loan, also known as a personal loan, is a loan that is issued and supported by your credit history rather than being guaranteed by any type of asset or guarantor. When you take out an unsecured loan the lender has no claim on your financial assets if you don’t keep up repayments. However, failure to meet the agreed repayments may result in formal action being taken, including but not limited to, an application to issue a County Court Judgement (CCJ) or your loan being passed to a Debt Collection Agency.
No, Transmit Start-Ups will assist you with your application to make sure that everything is in place to satisfy the requirements of the Start-Up Loans scheme. We are partnered with The Enterprise Fund trading as GC Business Finance, who will provide the loan funds once your application has been approved.
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.
If you are struggling to make your loan repayments it is important that you contact your finance partner as soon as possible to agree a repayment arrangement. Failure to meet the agreed repayments may result in formal action being taken, including but not limited to, an application to issue a County Court Judgement (CCJ) or your loan being passed to a Debt Collection Agency. It will also affect your credit file.
You can find the details of your finance partner on your loan agreement, or on our finance partner page. If you have lost these details, please contact Transmit Start-Ups who will be able to provide contact details.
Unfortunately Transmit Start-Ups are unable to offer a Sharia-compliant loan, however, there is a specialised Delivery Partner that administers Sharia loans as part of the Start-Up Loans scheme.
Please visit the Start-Up Loan’s Sharia-compliant finance page for more information.
If you are registered on the NEA scheme and have been working with a local NEA Mentoring Provider, you may be eligible for a start-up loan.
For more information on NEA eligibility and to apply please visit The Start-Up Loans website.
GC Business Finance are regulated by the Financial Conduct Authority (FCA).
We are also registered with the Information Commissioner’s Office (ICO). Our ICO reference is: ZA047144.
Loans offered under the Start Up Loan scheme are regulated under the Consumer Credit Act 1974.
If you are asked to make any sort of payment for your application that is not your agreed monthly loan repayments, please contact The Start Up Loans Company as soon as possible.
Successful start up loan recipients may be able to apply for a second loan for the same business. Second Loans are provided directly from the Start Up Loans Company. For more details on eligibility and how to apply please visit the Start Up Loans website.
For this reason, we are unable to lend to applicants who have certain credit issues. These include, but are not limited to:
• You are filing for, or currently bankrupt or on a Debt Relief Order (DRO)
• You have an outstanding Individual Voluntary Arrangement (IVA) or Trust Deed
Some other credit issues may also exclude you from obtaining the loan, although these do not automatically rule you out. They include, but are not limited to:
• You are on a Debt Management Plan or Debt Arrangement Scheme (DAS)
• You have an outstanding County Court Judgement (CCJ)
Please note, Transmit Start-Ups assesses every application on its own merits and reserves the right to decline an application for other credit related reasons, particularly in cases where lending is likely to increase an individual’s financial indebtedness.
The Credit Reference Agencies we recommend are:
It’s important to remember that Credit Reference Agencies don’t always hold the same information, so you may wish to consult more than one company if you have any concerns about the contents of your personal Credit Report.
We may also ask you for a copy of your own report because we need to discuss your credit history with you. Transmit Start-Ups are unable to disclose the information that we can see on our reports, so we need a copy of your report to discuss this information.
• You currently live in England, Scotland or Northern Ireland
• You are 18 years of age or older
• Your business is or will be based in the UK
• You are a current UK resident
• You have the right to live and work in the UK
• You are starting a new business or have been trading for less than 2 years
• You are able to pass our credit checks and demonstrate that you can afford to repay the loan
• Your business type and loan purpose are eligible under the terms of the scheme
• Your business and business documents are able to pass our assessments
• Chemical manufacture
• Illegal activities
• Banking and money transfer services
• Private investigators that do not hold the appropriate licence
• Gambling and betting activities
• Property investment
Agents for third parties, where a third party earns the majority of the revenue or you would only be earning a commission (not to be confused with franchise businesses which are eligible under the scheme).
Please note, other exclusions may apply and Transmit Start-Up’s reserves the right to update this list at its discretion.
Because start-up loans are personal unsecured loans that are used for business purposes, each partner is required to make a separate application and provide their own personal survival budget to demonstrate individual affordability. You can submit the same business plan and cash flow forecast as part of your application.
It is also important to remember that no matter what happens with your partnership or business if your application is successful but the business does not succeed you will each be individually responsible for making your own loan repayments.
• Tier 1 visa (all categories)
• Tier 2 visa (all categories)
• Tier 4 (general) student visa
• Tier 5 visa (temporary worker)
• Domestic workers on a private household visa
• A representative of an overseas business visa
You can still apply if you hold an Ancestry Visa, or one with a “no recourse to public funds” restriction, provided they do not fall under the above exclusions.
The length of your loan term may have an impact on the amount of money you can borrow. However, this will be looked at as part of the application process and will be determined by your business plan.
Step 1: Complete our application form. We will carry out a full eligibility check and credit search and inform you of the outcome by email.
Step 2: If you are eligible we will introduce you to one of our business advisors. They will work at your pace and assist you with your business plan and cash flow. We will need to see your bank statements at this stage and we may also need to ask for additional ID documents.
Step 3: When your business documents are complete we will review them and let you know if your application has been successful. We will then submit your application to our finance partners, who will issue your loan agreement documents via the post.
Step 4: Once you have signed your loan agreement and have received your money, you will be assigned a mentor (if you want one).
Loans of £5,000 and under follow a faster process and are usually easier to approve. As a result, these can take an average of 3 weeks to complete.
Credit worthiness: Your past and current financial behaviour is assessed. While a poor credit history will not prevent you from securing a loan, this part of the process is part of our commitment to responsible lending.
Personal affordability: Your affordability is assessed to make sure that you are only borrowing what you need, and that you will have monthly repayments that can be managed comfortably, even if your business ceases to trade.
Business viability: A key factor in our lending decision is ensuring that your business is going to generate enough profit to help you meet your monthly loan repayments. To help us assess this, you need to demonstrate that there is sufficient demand for your products and services and that you can reasonably achieve all of the goals set out in your Business Plan and Cash Flow Forecast.