Government Growth Guarantee Scheme

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

Published 29 January 2025

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