For Businesses
Technology
Financial support to businesses backed by the UK Government
Estimated time to read page: 3min 15s | Written - January 2025. Reviewed quarterly.
"The Growth Guarantee Scheme supports ambitious businesses by providing access to affordable loans backed by government guarantees. This helps businesses secure funding for expansion, innovation, or scaling, even in scenarios where traditional lending criteria might be a barrier." - Jamie Davies, Head of Lending
The new iteration of the Growth Guarantee Scheme (GGS), launched in July 2024 to replace the previous Recovery Loan Scheme (RLS 3.0), was designed to support access to finance for UK small businesses as they look to invest and grow.
The Growth Guarantee Scheme is a government-backed initiative that provides guarantees to lenders, making it easier for businesses to access loans for expansion. It aims to reduce the risk for lenders, enabling them to offer favourable terms to businesses that may not otherwise qualify for traditional funding.
GGS is a government backed scheme, which carries the assurance that in the event of a business failing to meet its loan obligations, the lender can recover 70% of the remaining loan amount from the government on finance of up to £2 million. This assurance of trust and certainty of repayment allow lenders to extend loans to businesses, even those which previously may have been declined.
The scheme is expected to support 11,000 smaller businesses.
It's important to note that as the borrower, you remain fullyresponsible for 100% of the debt.
Leverage the Growth Guarantee Scheme to unlock funding for your business growth – apply today and take your business to the next level.
All industries can apply for the growth guarantee scheme.
The scheme helps businesses secure funding for growth initiatives, such as expanding operations, purchasing new equipment, hiring staff, or entering new markets. By reducing lender risk, it increases access to capital at more competitive rates and longer terms.
The specific eligibility criteria will depend on each lender, the rule of thumb usually involve:
The business has to be registered and based in the UK
Are not a business in difficulty, including not being in relevant insolvency proceedings
The business turnover has to be below £45M
Lenders may request specific documentation throughout the process; however, the usual basic information required will include the last six months of bank statements, the most recent filed accounts (if applicable), and basic details about the director and the business.
Our team will request this information through our secure technological platform, allowing for a safe and efficient upload of all documents.
By joining years of expertise with our in-house intelligent lending technology, we are able to quickly match your business to the best product and the right lender for your circumstances, even if you have struggled in the past, in a simple and straightforward way.
On top of that, we provide advice and support through the entire process. Arranging a finance facility can take time. We assist you in cutting through the unnecessary and focusing only on what needs to be done.
We make it easier for you to raise commercial finance for your project or business. As we're not tied to specific commercial finance lenders, our concern is what's best for you.
Applications are typically made through participating lenders, who will assess your eligibility and business plans.
UK businesses with growth potential, a solid business plan, and the ability to repay the loan can apply.
The scheme is generally aimed at established businesses looking to expand, rather than new startups.
The scheme can be used for a variety of loans, including term loans, asset finance, and working capital loans.
There may be fees associated with applying for the scheme, such as administrative fees or arrangement fees from lenders, but the government guarantee typically reduces the overall cost of borrowing.
