Growth Guarantee Scheme
Growth Guarantee Scheme
Designed to support access to finance for UK smaller businesses as they look to invest and grow. The Growth Guarantee Scheme launched with accredited lenders on 1 July 2024, with a wide range of products supported by different lenders, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
The Growth Guarantee Scheme can generally support facility sizes of up to £2m and provides the lender with a 70% government-backed guarantee.
It can support facility sizes of up to £2m for borrowers outside the scope of the Northern Ireland Protocol Read footnote text1. Borrowers in scope of the Northern Ireland Protocol may borrow up to £1 million (or such other sum as may be notified from time to time by us to the lender in accordance with the relevant legal document(s)), unless they operate in a sector where aid limits are reduced – in which case the maximum that can be borrowed is subject to a lower cap. These include agriculture and fisheries / aquaculture.
GGS criteria
Your business could qualify for GGS if you:
- Operate in the UK.
- Have a turnover of no more than £41million.
- Are seeking finance of between £1,000 and £1.2 million.
- Wish and can afford to repay over a period of between 3 months and 10 years for term lending and between 3 months and 3 years for overdrafts, invoice finance and other revolving facilities.
- Require the finance for an eligible purpose.
- Operate in an eligible business sector.
The GGS scheme has played a vital part in enabling numerous small businesses to obtain crucial funding when conventional lending sources could not assist them.
To find out if the GGS Scheme could help your business, call Knightsbridge today on 0203-597-0124.
