Growth Guarantee Scheme set to help 11,000 businesses across the UK

Growth Guarantee Scheme is set to help 11,000 businesses across the UK access finance. 

The British Business Bank has released details about the new Growth Guarantee Scheme which is set to support around 11,000 UK businesses over the next two years.

The Growth Guarantee Scheme, which replaces the Recovery Loan Scheme, supports smaller businesses by strengthening their access to finance so they can grow.

For businesses in the UK, external finance support and investment are essential in funding expansion and business growth.

The wide range of finance available to smaller businesses through the Growth Guarantee Scheme includes unsecured business loans, invoice financing, and asset finance.

The scheme has around 40 accredited lenders, of which over 20 are open for applications with the others opening their applications in the coming weeks.

The interest rates will vary but will take into account the 70% Government-backed Guarantee which may make them favourable for businesses.

What is the Growth Guarantee Scheme?

The Growth Guarantee Scheme (GGS) is a government-supported lending initiative available to businesses across the UK. The scheme serves as a follow-up initiative to the Recovery Loans Scheme, operating under similar conditions. Applications for the Growth Guarantee Scheme began on 1st July 2024 and will remain open until 31st March 2026.

Under the GGS, businesses can borrow up to £2 million, provided they can demonstrate their ability to service the debt. The government guarantees up to 70% of the loan value, offering significant security to lenders and encouraging them to extend credit to businesses that might not meet standard lending criteria.

How do I apply for the Growth Guarantee Scheme?

MAF Finance Group can compare finance offerings from a wide panel of lenders to find the best option for you.

To get a quote or more information on the Growth Guarantee Scheme, fill in the form and we will contact you. You can also call us on 0115 958 6872 to speak to a team member directly or email us at [email protected].

If you need any more information, email  [email protected], call 0115 958 6872 or fill in an enquiry form below.