growth guarantee scheme
Apply for the Growth Guarantee Scheme, government backed finance designed for UK SME’s.
The Growth Guarantee Scheme (GGS) is the latest government initiative designed to support UK businesses, building on the foundations laid by the Recovery Loan Scheme (RLS), which previously succeeded the CBILS and Bounce Back Loan programmes.
Through GGS, lenders receive a 70% government-backed guarantee, giving them greater confidence to lend to smaller and growing businesses. One key benefit for borrowers is that lenders are restricted from taking a Principal Private Residence (your main home) as security – adding a layer of protection for business owners.
This new scheme marks the return of government-backed finance, following the successful funding of over 1.6 million businesses under earlier programmes. With SME growth high on the national agenda, the GGS offers access to business loans and asset finance of up to £2 million, which can be used for a wide range of legitimate business purposes – from working capital to expansion plans.
To be eligible for the scheme, your business must:
- Be actively trading within the UK.
- Generate more than 50% of its annual turnover from trading activities.
- Have an annual turnover not exceeding £45m.
- Not be in the process of insolvency.
- Not fall into the excluded categories including:
– Banks or Building Societies
– Insurers
– Public Sectors
– State-funded Schools
– Private Individuals.
5 Benefits of the Growth Guarantee Scheme
Security
A 70% government-backed lender makes for more accessible finance.
Assurance
Your Principal Private Residence cannot be used as security by the lender.
Growth
Loans from £10k - £2m to cover a range of business requirements.
Flexibility
Repayment terms of up to 6 years available for loan and asset lending.
Eligibility
Previous applicants of Bounce Back or RLS schemes are still able to apply.
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