Enquire About Our Bespoke Business Solutions?
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.
Businesses can borrow up to £2 million per business under the Growth Guarantee Scheme, covering business loans, invoice finance, and asset finance. The borrowing limits are consistent with those under the Recovery Loan Scheme for businesses in Great Britain.
Businesses in Great Britain can apply for:
To be eligible for the scheme, businesses must have been trading in the UK for at least two years and generate more than half of their turnover from trading activities.
Eligible businesses include:
Sole traders can apply for the scheme, provided they meet the other eligibility criteria. The business must have been trading for at least two years.
Similar to the Recovery Loans Scheme, businesses can apply for business loans, invoice finance and asset finance through the scheme.
Businesses with existing Bounce Back Loans (BBL), Coronavirus Business Interruption Loans (CBILS), or Recovery Loans Scheme (RLS) funds can still apply for the GGS, although outstanding balances on these loans will be considered when determining the new borrowing limit.
To qualify for the GGS, businesses must meet the following criteria:
Funds from the GGS can be used for various legitimate business purposes, including:
Businesses can still apply for the Growth Guarantee Scheme, however, the total amount borrowed is capped at £2 million in Great Britain and £1 million in Northern Ireland, including any outstanding debt under CBILS or RLS.
Refinancing existing loans under RLS or CBILS is allowed and considered a new application under GGS, subject to meeting eligibility criteria for every business.
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 enquiries@maffinancegroup.co.uk.
If you need any more information, email enquiries@maffinancegroup.co.uk, call 0115 958 6872 or fill in an enquiry form below.
Have Any Questions?
Qualified Team Available
The latest asset finance data shows that new business has grown in July.
The Growth Guarantee Scheme (GGS) is set to support 11,000 businesses across the UK.
The Growth Guarantee Scheme (GGS) is a government-supported lending initiative available to businesses across the UK.
The 74 registration plates will be officially available from September 1, 2024.
MAF Finance Group has been named large broker of the year in this years Asset Finance Connect awards.
As announced in the Spring Budget 2024, the current Recovery Loan Scheme will come to an end on 30 June 2024.