Growth Guarantee Scheme
A UK government-backed lending scheme providing partial guarantees to lenders, enabling them to lend to businesses that may not meet standard criteria.
The Growth Guarantee Scheme (GGS) is the UK government's successor to the Recovery Loan Scheme. It provides a partial government guarantee (typically 70%) to accredited lenders, encouraging them to lend to viable UK businesses that might not qualify on standard commercial criteria. It is administered by the British Business Bank.
The scheme covers term loans, revolving credit facilities, asset finance, invoice finance, and overdrafts for businesses with turnover up to £45 million. Maximum facility sizes vary by product. The government guarantee does not benefit the borrower directly - it benefits the lender by reducing their credit risk. Borrowers still need to repay the full loan and may still be required to provide a personal guarantee.
Not all lenders are accredited for the GGS. Spark Finance can identify GGS-accredited lenders on our panel and assess whether your business is likely to qualify. GGS facilities typically carry slightly higher rates than standard commercial products due to the government fee built into the pricing.
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