Second Loans

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Second Start Up Loan Registration

Ready for more?

If you’ve already secured a Start Up Loan for your business and have been trading for no more than five years, you may be eligible to top up what you've borrowed.

Like Lauren, who borrowed £15,000 to launch her yoga studio, then topped up her loan with an extra £5,000 when she began offering pilates and barre classes as well.

The additional finance from the Second Loan must be for the same business as the first Start Up Loan, and the total amount borrowed at one time cannot exceed £25,000.

Second Loans are designed to help with the continued growth of your business – it is not a fund to rescue your business.

Whether it’s an unexpected opportunity or part of a structured growth plan for your business, you may find yourself in need of more finance.

Why Lauren came back for seconds!

"Adding the second studio increased our gross profit by 30% and created us a whole new customer base."

"Once we were up and running, we decided to create a second studio dedicated to Pilates, barre and yogalates. Our second loan covered the cost of our marketing of the new offer. If we’d not had the money, we wouldn’t have been able to accelerate our growth anywhere near as quickly. We were able to improve our cashflow, increase our confidence and build a whole new level of momentum. We had a record month when we launched the second studio."

To begin your second loan application, please log back in to the customer portal. 

Before You Start...

Please read this list carefully to make sure you are eligible for a Second Loan:

  • Your business must have been trading for at least six (6) months but cannot have been trading for more than five (5) 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. You can find out your balance from GC Business Finance on / 0161 245 4900 / 0161 245 4953.

  • 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.

All good?

To begin your second loan application, please log back in to the customer portal.