British Business Bank Growth Guarantee Scheme

The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is designed to support access to finance for UK smaller businesses as they look to invest and grow. The 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. Businesses can use the finance for any legitimate business purpose – including managing cashflow and investment. However, businesses must be able to afford to take out additional debt finance for these purposes. The British Business Bank administers the scheme on behalf of the Secretary of State for Business and Trade. GGS-backed facilities are provided at the discretion of the lender, who are required to undertake their standard credit and fraud checks for all applicants.