Because a Second Loan 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:
Because a Second Loan 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:
Stage 1: Application form
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 fifteen 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.
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 fifteen 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.
Stage 2: Your key documents
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.
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).
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.
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).
Stage 3: Business Adviser review
Once you have submitted your key documents, your application will be passed on to the Delivery Partner that processed your first loan application. Your Delivery Partner will assign you to a Business Adviser who will provide any support you require to finalist your application and business plans for assessment.
Please note, if your Delivery Partner is no longer affiliated with the Start Up Loans scheme, we will assign you to another partner who will provide support and assess your application .
Once you have submitted your key documents, your application will be passed on to the Delivery Partner that processed your first loan application. Your Delivery Partner will assign you to a Business Adviser who will provide any support you require to finalist your application and business plans for assessment.
Please note, if your Delivery Partner is no longer affiliated with the Start Up Loans scheme, we will assign you to another partner who will provide support and assess your application .
Stage 4: 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.
Please note, subject to this final assessment, you may be required to provide further information to support your application.
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.
Please note, subject to this final assessment, you may be required to provide further information to support your application.
Outcome
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 send your Loan Agreement by post for signing and once you have returned this, your loan funds will be distributed.
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 send your Loan Agreement by post for signing and once you have returned this, your loan funds will be distributed.
