Launched in July 2024, the Growth Guarantee Scheme (GGS) replaced the Recovery Loan Scheme (RLS 3.0) to improve access to finance for UK small businesses aiming to invest and grow. Backed by the government, GGS offers a 70% guarantee to lenders on loans of up to £2 million. This reduces lender risk and enables more favourable loan terms for businesses that might not qualify for standard funding. While lenders benefit from government-backed security, borrowers remain fully responsible for repaying 100% of the loan. GGS is expected to support around 11,000 smaller businesses, helping to unlock growth and expansion opportunities.
The Growth Guarantee Scheme is available to UK businesses with growth potential. Eligibility typically requires your business to have been operating for at least 12 months, demonstrate growth potential, and have a solid business plan. The scheme is aimed at businesses in need of funding to accelerate growth, particularly those in sectors identified by the government as key for economic recovery.
Under the Growth Guarantee Scheme, businesses can access loans ranging from £25,000 to £500,000, depending on the nature of the business and its growth plans. The scheme is designed to provide flexible funding to support business expansion, working capital, and other growth-related initiatives.
The approval process for the Growth Guarantee Scheme can typically take 2–4 weeks, depending on the complexity of your application and supporting documentation. Once approved, funding is usually released within a few days, helping businesses access the funds they need to accelerate growth.
The Growth Guarantee Scheme can be used for a range of purposes, including hiring new staff, purchasing new equipment, expanding operations, and financing growth initiatives. It’s aimed at helping businesses with high growth potential scale their operations and seize new opportunities.
The Growth Guarantee Scheme typically offers competitive interest rates, ranging from 5% to 10%, depending on the lender and the business’s profile. Repayment terms are flexible, often spanning between 1 to 5 years. There may also be arrangement fees or other administrative costs associated with the loan.
Complete our quick online form with a few details about your business and what you need funding for. No commitment, no jargon.
A dedicated finance expert will get in touch to understand your needs and tailor options that work for your business.
We’ll match you with trusted lenders from our panel, offering competitive rates and flexible terms suited to your sector.
Review your finance offers with full transparency. We’ll guide you through the details so you can make a confident decision.
Once approved, your funds are released quickly — often within 24–48 hours — so you can get back to growing your business.
Agriculture & Natural Resources
Healthcare & Life Sciences
Technology & Telecommunications
Manufacturing & Industry
Finance & Insurance
Transportation & Logistics
Education & Non-profit
Services
Entertainment & Media
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.
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"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."
