Introducing the Growth Guarantee Scheme: Supporting UK Smaller Businesses with Access to Finance

The Growth Guarantee Scheme is set to support around 11,000 smaller businesses in the UK between July 2024 and March 2026. The British Business Bank has accredited 41 lenders for the scheme, with 20 lenders already open for applications. These lenders will offer various finance options, including term loans, overdrafts, asset finance, invoice finance, and asset-based lending.

The terms of the scheme are similar to the previous Recovery Loan Scheme, providing continuity for lenders and businesses. Key features of the Growth Guarantee Scheme include loans of up to £2 million per business group, a wide range of products, flexible term lengths, access for businesses with previous government-backed loans, and government-backed guarantees for lenders.

Reinald de Monchy, Managing Director of Guarantee and Wholesale Solutions at the British Business Bank, expressed excitement about the scheme’s potential to support sustainable growth and help smaller businesses scale up. The scheme will be administered by the British Business Bank on behalf of the Secretary of State for Business and Trade.

New lenders interested in participating in the Growth Guarantee Scheme can apply for accreditation starting today. More information, including a list of accredited lenders, is available on the British Business Bank website. This initiative aims to provide much-needed financial support to smaller businesses looking to invest and grow in the post-pandemic economy.