As part of the Transmit Group, Startup Direct can help you obtain growth funding for your business from £10,000 to £500,000. Working through a number of trusted providers we will help you to apply for funding to further grow your business.
This service is provided by our sister company Teal www.askteal.co.uk. Please visit the website to find out more.
Don’t forget that if you have already received a Start Up Loan you could be eligible to apply for a Second Loan through the Start Up Loans scheme. Detailed below is the criteria for applying for a Second Loan.
-Your 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 your first Start Up Loan.
-Your total outstanding Start Up Loans balance cannot exceed £25,000 at any one time (per individual). So if you borrowed £15,000 for your first Start Up Loan, and now have a remaining balance of £10,000, you are able to apply for a Second Loan of up to £15,000.
-The total lent to any one business cannot exceed £100,000 (including all individual business partners).
-You will need to demonstrate that you can afford the ongoing repayment on your first loan and the new repayments on your Second Loan.
-You must still meet all of the original Start Up Loan criteria.
-You must have made six full repayments on your first Start Up Loan.
-The repayments on your first Start Up Loan must be fully up to date at the time of applying.
-In the last six months, you must not have had any late or missed repayments on your first Start Up Loan.
-You 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.
-If your application is successful, your Second Loan will be treated as a separate loan to your first Start Up Loan, including separate monthly Direct Debit payments.
If you’d like to enquire about a Second Loan please contact us [email protected]