Top-up your Start Up Loan

• You took out your first Start Up Loan at least 6 months ago
• You’ve been trading for at least 3 months and no more than 60 months
• You’ve kept up with your loan repayments for the last 3 consecutive months
• You need extra funds to grow, invest in equipment, boost stock or move into new markets
• You want affordable finance at the same fixed 6% interest rate

• You need more than £25k in total Start Up Loan funding
• You can’t afford additional repayments
• You have missed payments on your existing Start Up Loan in the last 3 months
• You are bankrupt or under a DRO/IVA
• You’re outside the trading window (less than 3 months or more than 60 months - see our Small Business Loan instead)

In order to be eligible for a Second Loan you must meet the following criteria;

• must have drawn down your first loan at least 6 months ago
• must have been trading for at least 3 months, and no more than 60 months
• must have made all repayments as per schedule for the 3 months preceding applying 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.

You are able to have a total outstanding balance of £25,000 at any one time. So if you borrowed £15,000 for your first Start Up Loan and have now repaid £5,000 then, provided you meet all of the other eligibility criteria, you are able to apply for a Second Loan of up to £15,000.

As you will need to demonstrate that you can afford the ongoing repayment on your first loan and the new repayments on your Second Loan, your Business Adviser will work with you to ensure that your final loan amount matches your needs and does not overburden you.

Please note, the Start Up Loans programmer 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 will not be eligible to apply for further finance.

To find out your current outstanding balance, please contact your Finance Provider. You will find their contact details on the Loan Agreement you signed for your first Start Up Loan.

To support your application and prior to reaching a Business Adviser, if eligible, you will need to prepare and be able to discuss the following:

• a summary of your business
• a breakdown of how the Second Loan will be used
• a summary of how the business has performed since receiving the first loan
• an up to date Personal Survival Budget.

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.