Other finance options for your business

Ways to get the cash you need

If you're not eligible for a Transmit Growth Loan, or if you need a different financial solution, we have some other options you can explore depending on the age of your business.

Apply for a Start Up Loan

If you've been trading - that is, generating income/making sales - for less than two years, you can apply for a Start Up Loan. It's a government-backed scheme, providing low-interest repayable loans and free business support for entrepreneurs across the UK.

They're personal loans for business purposes, of £500 - £25,000. You can repay in 1-5 years, but early repayment doesn't carry any penalties, and the interest rate for everyone is just 6% per annum.

  • No application fee / upfront charge
  • Loan can be 'tranched' so you only use and pay interest on a portion of the loan at a time
  • Capital repayment holidays are a feature of the loan - discuss this with your business adviser during your application

Complete a short online registration here, and progress through to the Start Up Loans Customer Portal to apply online.

Other finance options

We have been researching different short-term finance options available with BIZL, a specialist in small business finance, specifically for businesses who are affected by the Coronavirus pandemic.

They are a whole-of-market broker, and will support you to find finance if:

  • You have two year's worth of trading history and financial information
  • A business owner or director is a homeowner

If you meet those criteria, you can submit your details here and the BIZL team will search the market for suitable deals for you.

Could you reclaim cash you've already spent?

You could reclaim some of the taxes you've already paid under the R&D Tax Claim scheme. A surprising number of businesses are eligible, because the term 'research and development' is very wide ranging - it's not all about inventing things, it's about assessing, appraising and improving anything in your business, from the products and services you offer to the admin you do and the way you operate.

To be eligible to submit a claim, you must:

  • Be a limited company
  • Have filed at least one, and usually two, sets of annual accounts.

Leave us your contact details below, and one of our team will contact you to discuss the potential size of your claim.