The UK Government Growth Scheme is a game-changer for businesses looking to scale and innovate. In today’s competitive landscape, securing funding and support is crucial for SMEs to thrive. The Government Growth Scheme is a tailored funding initiative that offers Business Loans. Beyond financial aid, it also provides businesses with strategic guidance, mentorship, and access to valuable networks to accelerate their expansion
Eligibility Criteria:
- To qualify for the Government Growth Scheme, your business must:
- Be UK-based and registered as a small or medium-sized enterprise (SME)
- Demonstrate a clear growth potential and ambitious plans
- Be financially viable and capable of repaying loans
Key Benefits:
- Access to Affordable Capital: Secure the funding you need to invest in your business and drive growth
- Customised Financial Solutions: Tailor your funding to your specific business needs
- Non-financial Support: Benefit from mentoring, strategic advice, and industry networks
- Encouraging Innovation: Invest in research and development to stay ahead of the curve
- Expanding into International Markets: Access funding and support to enter new markets
FAQs:
What size loan could I get under GGS? – GGS can generally support facility sizes of up to £2m, although it will vary by provider
How does the guarantee work? – GGS provides lenders with 70% government-backed guarantee. That means if the business who take a loan is unable to repay the debt, the lender can recover some of the funds from the government. This allows lenders to approve more loan applications and help more businesses
When does the Growth Guarantee Scheme start and end? – The GGS started 1st July 2024 and will end on the 31st March 2026
What can the funds be used for? – Businesses which successfully apply for Growth Guarantee Scheme finance can do so for any legitimate business purpose, for example:
- Managing cash flow
- Buying equipment
- Meeting a one-off cost
- Helping with payroll
- Investing in, for example, marketing
- Growing the business
Will I need a credit check to apply? – Yes, lenders will carry out a credit check and a fraud check. The types of checks may vary between lenders. If you have been refused credit in the past, you may still be eligible for lending under the Growth Guarantee Scheme
How do I apply? – It’s simple and fast to apply for a loan under the GGS. Get in touch for a free consultation with our Business Loan specialist to get your application started
Please note: The Government guarantee is to the lender, not the business; you are 100% liable for the debt
Conclusion:
The UK Government Growth Scheme offers a unique opportunity for businesses to thrive. If your business meets the eligibility criteria, don’t miss out on this chance to secure the funding and support you need to achieve your goals
To discuss the options available to you, get in contact with one of our specialist finance brokers today for a free consultation
