Second Loans
If you've already received a Start Up Loan and your business has moved on, you may be able to access additional funding to help you grow.
Apply for a Second Loan
What is a Second Loan?
A Second Start Up Loan gives eligible founders who have already received a Start Up Loan the opportunity to access additional funding for their business.
It could help you invest in your business, support growth or fund your next stage of development.
The amount you can borrow depends on how much Start Up Loan funding you've already received. You can have up to £25,000 in total Start Up Loan funding, subject to eligibility and affordability.
Take the next step
Hear from a founder about their experience of using Start Up Loan finance and how funding helped them move their business forward.
Second Loan at a glance
Start Up Loans are personal loans for business purposes. They are available to people planning to start a business and eligible businesses that have been trading for up to five years.
Business Enterprise Fund is an official Business Support Partner for the British Business Bank's Start Up Loans programme. We've been supporting applicants since the programme launched in 2012.
Continue building your business
- Up to £25,000 total Start Up Loan funding
- 7.5% fixed interest
- Repay over 1 to 5 years
- No setup fees, no early repayment fees
- No security or guarantors required
- Funds typically in 3–8 weeks
- Dedicated support for your application
What you need to know
Here's what you need to know about a Second Loan before deciding whether to apply.
Why choose BEF for your Second Loan?
We're an experienced Start Up Loan partner
BEF has supported applicants through the Start Up Loans programme since 2012, helping new and growing businesses access finance.
You'll have support throughout the application
You'll have a dedicated adviser who can explain what's involved and help you understand what you need to prepare.
We're a not-for-profit lender
BEF is a Community Development Finance Institution. Our purpose is to help businesses access fair finance and support economic growth in the communities we serve.
Support continues after you receive your funding
Successful Start Up Loan applicants receive 12 months of free mentoring through the Start Up Loans programme.
How to apply for a Second Loan
Start your application online and provide some initial information about your business and the additional funding you're looking for.
You'll have support throughout the application. Your adviser will discuss your plans, answer your questions and explain what you need to prepare.
You'll discuss how your business has performed since your first Start Up Loan and how you intend to use the additional funding to support your next stage of growth.
Once your application has been assessed, you'll receive a decision. If approved, we'll explain the next steps towards receiving your Second Start Up Loan.
Funding can be in place in as little as 3 to 8 weeks
Apply for a Second LoanSecond Loan FAQs
Got questions about a Second Start Up Loan? Find answers to some of the most common questions below, or talk to us if you'd like to discuss your circumstances.
Loan example (representative APR)
Representative Example - Personal Loan for Business Use Only: £10,000.00 repayable over 60 months at 7.8% Representative APR*. 60 months at the AIR** of 7.5% p.a for fixed monthly payments of £200.45. Total cost of credit of £2,027.00 and total amount payable of £12,027.00. Finance subject to status and 18+ only.
*Annual Percentage Rate (APR) is the total cost of the credit expressed as an annual percentage. It represents the actual yearly cost of credit over the loan term.
**Annual Interest Rate (AIR) is the rate of interest on a loan with the rate compounded on a daily basis.
These calculations are only for illustrative purposes and are not a substitute for professional advice.
Your actual loan terms may vary depending on your circumstances.
If you're not eligible for a Start Up Loan, we may be able to offer an alternative loan. Rates and terms will vary. Further information, and terms and conditions are available on request.
Important legal information
The Start Up Loans Company is a wholly owned subsidiary of British Business Bank plc. It is a company limited by guarantee, registered in England and Wales, registration number 08117656, registered office at 71-75 Shelton Street, Covent Garden, London, England, WC2H 9JQ.
British Business Bank plc is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.