What is the GGS?
The Growth Guarantee Scene is the successor tot he ‘Recovery loan Scheme’. Is is designed to support access to finance for UK – businesses as they look to invest and grow. The Growth Guarantee Scheme launched on July 2024 with a wide range of products supported by different lenders, including term loan, overdrafts, asset finance, invoice finance and asset-based lending
Contact Us
Do you need help or advice accessing a loan or credit facilities.
Whilst the Growth Guarantee Scheme core principles are fixed, there are many lenders, with widely differing criteria and appetite. The application process can be complex and financial data needs to be presented correctly to maximise your chances of success.
We are NACFB – affiliated and can help guide you through the application process and an understanding of your best options.
Key Features of GGS
- Facilities of £1000 to 2 Million.
- Term loans, overdrafts, asset finance, invoice finance, refinance.
- Personal guarantees may be required, at the lender’s discretion.
- Term of 3 months to 6 years.
- Government guarantee of 70% of debt to lender. ( Note: Borrower remains 100% liable for the debt. )
- Businesses need to meet the cost of interest and fees.
- Reduced initial payments under some lender schemes.
- Pricing may vary depending on the lender but will take into account benefit of the government guarantee
Eligibility Criteria
- Small to medium business with a maximum turnover of £45M
- Be UK based in its trading activity.
- Have a viable business proposition.
- Not be a business in difficulty
Information Required
This will vary depending on the lender and the type of finance sought ( Loan / Asset Finance / Invoice Finance ) but as a minimum:
- Full accounts for the last 2 years.
- Management accounts (if more than 6 months past year end)
- 3-6 months bank statements.
- Purpose of Loan.
Each lender will make its own decision on whether or not to accept a proposal, and what products it makes available ( Loan / Asset Finance / Invoice Finance / Refinance ), and on what terms ( Loan Amounts / Repayment Periods / Interest Rates ) We can guide you to your best options.
