Government Backed Loans

Growth Guarantee Scheme Details

Up to £2m per business group:

The maximum amount of a facility provided under the scheme is generally £2m per business group, for borrowers outside the scope of the Northern Ireland Protocol, and up to £1m per business group for Northern Ireland Protocol borrowers. Minimum facility sizes vary, starting at £1,000 for asset finance, invoice finance, and asset-based lending, and £25,001 for term loans and overdrafts;

Wide range of products:

The Growth Guarantee Scheme supports term loans, overdrafts, asset finance, invoice finance, and asset-based lending facilities.

Term Length:

Loan and asset finance facilities can be accessed for terms ranging from three months to six years. Overdrafts, invoice finance, and asset-based lending options are available for periods spanning from three months to three years.

Compatible with multiple schemes:

Businesses that utilised a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS), or a Recovery Loan Scheme (RLS) facility prior to 30th June 2024 can still access the GGS. However, the borrowing from these schemes might impact the maximum amount the borrower can receive.

Pricing and Guarantees:

Interest rates and fees charged by lenders will vary based on the specific lending proposal. The pricing will take into account the benefit of the Government guarantee;

The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt;

Personal guarantees may be required at the lender’s discretion, following their standard commercial lending procedures. Properties designated as Principal Private Residences are not eligible to be used as collateral under the Scheme.

Growth Guarantee Scheme FAQ’s

How do I access the GGS facility?

Simply contact a member of our team and we will work with you and the British Business Bank’s accredited lenders to find you the best available deal to meet your circumstances. *If your business does not qualify for GGS we can still help guide you through all other funding options.

Can I have multiple facilities across different products?

If you meet the scheme eligibility criteria and stay within the maximum borrowing limit, then yes, you can use multiple facilities such as asset finance and commercial lending. The total amount your business can borrow from various sources will be determined by affordability and scheme guidelines.

What can the GGS be used for?

The Growth Guarantee Scheme facility can be utilised for various legitimate business purposes, such as managing cash flow, investment, fostering growth, and purchasing business assets.

Can the GGS be used to refinance existing debt?

Under specific conditions, your business may use a GGS facility to refinance current debt. For instance, if your business aims to enhance its financial stability or bolster its working capital, a GGS facility could potentially be offered provided that your business meets the GGS eligibility requirements.

Refinancing can be done with or without an increase in the initial borrowing.