The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme.
It is designed to support access to finance for UK smaller businesses as they look to invest and grow. The Growth Guarantee Scheme launched with accredited lenders on 1 July 2024, with a wide range of products supported by different lenders, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
The Growth Guarantee Scheme can generally support facility sizes of up to £2 million and provides the lender with a 70% government-backed guarantee.
Businesses can use the finance for any legitimate business purpose – including managing cashflow and investment. However, businesses must be able to afford to take out additional debt finance for these purposes.
The British Business Bank administers the scheme on behalf of the Secretary of State for Business and Trade.
For further information please select the attached link: Growth Guarantee Scheme (GGS) | British Business Bank (british-business-bank.co.uk)