The British Business Bank has launched the Growth Guarantee Scheme to help
smaller businesses access finance.
The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is
expected to support around 11,000 smaller businesses.
The British Business Bank has so far accredited 41 lenders for the scheme which
will run until March 2026.
The scheme supports term loans, overdrafts, asset finance, invoice finance and
asset-based lending facilities. Not all lenders will be able to offer all
products.
Minimum facility sizes start at £1,000 for asset finance, invoice finance and
asset-based lending and £25,001 for term loans and overdrafts. The maximum
facility sizes are up to £2 million per business.
Martin McTague, National Chair of the Federation of Small Businesses (FSB) said:
'We are delighted that the British Business Bank has officially launched the
Growth Guarantee Scheme, to get much-needed finance to start-ups and
scale-ups, so they can grow.
'The new scheme will help small firms get the funding they require to be able
to achieve their dreams.
'The Growth Guarantee Scheme will be an important part of the funding
landscape for small firms, whose growth will be an indispensable ingredient
in overall economic recovery in the UK.'
Internet link: British Business Bank website FSB website