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GROWTH GUARANTEE SCHEME (GGS)

 1. Home
 2. Finance options
 3. Back to Debt finance Debt finance
 4. Growth Guarantee Scheme

In this section:


IN THIS SECTION:

 * Growth Guarantee Scheme
    * For Businesses
      About the Growth Guarantee Scheme
      
    * Current accredited lenders
      
    * FAQs
      
    * Request for Proposals
      
    * For Finance Providers
      For Finance Providers
      

Open for applications


ABOUT THE SCHEME

The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme.

It is designed to support access to finance for UK smaller businesses as they
look to invest and grow. The Growth Guarantee 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.

It can support facility sizes of up to £2m for borrowers outside the scope of
the Northern Ireland Protocol Read footnote text 1  . Borrowers in scope of the
Northern Ireland Protocol may borrow up to £1 million (or such other sum as may
be notified from time to time by us to the lender in accordance with the
relevant legal document(s)), unless they operate in a sector where aid limits
are reduced – in which case the maximum that can be borrowed   is subject to a
lower cap. These include agriculture and fisheries / aquaculture.

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.

See our list of accredited lenders


KEY FEATURES OF THE SCHEME:

The Growth Guarantee Scheme aims to improve the terms on offer to borrowers. If
a lender can offer a commercial loan on better terms, they will do so.

Key features include:

 * Up to £2m per business group: The maximum amount of a facility provided under
   the scheme is generally £2m per business group for borrowers outside the
   scope of the Northern Ireland Protocol, and up to £1m per business group for
   Northern Ireland Protocol borrowers Read footnote text 2 . Minimum facility
   sizes vary, starting at £1,000 for asset finance, invoice finance and
   asset-based lending, and £25,001 for term loans and overdrafts;
 * Wide range of products: GGS supports term loans, overdrafts, asset finance,
   invoice finance and asset-based lending facilities. Not all lenders will be
   able to offer all products;
 * Term length: Term loans and asset finance facilities are available from three
   months up to six years, with overdrafts,invoice finance and asset based
   lending available from three months up to three years;
 * Access to multiple schemes: Businesses that took out a Coronavirus Business
   Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption
   Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or a Recovery Loan
   Scheme (RLS) facility before 30 June 2024 are not prevented from accessing
   GGS, but  borrowing under these schemes may reduce the maximum amount the
   borrower is eligible for;
 * Pricing: Interest rates and fees charged by lenders will vary and will depend
   on the specific lending proposal. The lender’s pricing will take into account
   the benefit of the Government guarantee;
 * Personal Guarantees: Personal guarantees can be taken at the lender’s
   discretion, in line with their normal commercial lending practices. Principal
   Private Residences cannot be taken as security within the Scheme;
 * Guarantee is to the lender: The scheme provides the lender with a 70%
   government-backed guarantee against the outstanding balance of the facility
   after it has completed its normal recovery process. The borrower always
   remains 100% liable for the debt;
 * Decision-making delegated to the lender: GGS-backed facilities are provided
   at the discretion of the lender. Lenders are required to undertake their
   standard credit and fraud checks for all applicants.

The assistance provided through GGS, like many Government-backed business
support activities, is regarded as a subsidy and is deemed to benefit the
borrower. There is a limit to the amount of subsidy that may be received by a
borrower, and its wider group, over any rolling three-year period. Any previous
subsidy may reduce the amount a business can borrow. More information on
subsidies is available here.


ELIGIBILITY CRITERIA INCLUDE:

 * Turnover limit: The scheme is open to smaller businesses with a turnover of
   up to £45m (on a group basis, where part of a group);
 * UK-based: The borrower must be carrying out trading activity in the UK and,
   for most businesses Read footnote text 3 , generating more than 50% of its
   income from trading activity;
 * Viability test: The lender must consider that the borrower has a viable
   business proposition;; 
 * Business in difficulty: The borrower must not be a business in difficulty,
   including not being in relevant insolvency proceedings;
 * Subsidy limits: Borrowers will need to provide written confirmation that
   receipt of the GGS facility will not mean that the business exceeds the
   maximum amount of subsidy they are allowed to receive. All borrowers in
   receipt of a subsidy from a publicly funded programme should be provided with
   a written statement, confirming the level and type of aid received


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Read article What is Innovate UK?


WHAT ARE VENTURE CAPITAL TRUSTS?

Learn how Venture Capital Trusts Work and can benefit small businesses in the UK
looking to grow.

Read article What are Venture Capital Trusts?


A GUIDE TO EQUITY FUNDING STAGES FOR YOUR BUSINESS

Learn how different stages of equity funding could help your business, how to
obtain capital, and when it's the right path for your business.

Read article A guide to equity funding stages for your business



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 * Return to footnote location 1
   
   The Northern Ireland Protocol has now been amended by the Windsor Framework,
   a legal agreement which changes how the Northern Ireland Protocol operates.
   References to the “Northern Ireland Protocol” throughout these pages should
   be understood accordingly. For more details on this, please see Return to
   footnote location 1 .

 * Return to footnote location 2
   
   All borrowers will need to answer some questions to determine whether they
   are inside or outside the scope of the Northern Ireland Protocol. For
   borrowers in scope of the Northern Ireland Protocol the maximum amount they
   may borrow is £1m (or such other sum as notified by the GGS Guarantor to the
   Lender in accordance with the relevant legal agreement(s)) unless such
   borrower operates in a sector where aid limits are reduced, in which case the
   maximum that can be borrowed is subject to a lower cap. These include
   agriculture, fisheries / aquaculture.

 * Return to footnote location 3
   
   Charities and Further Education colleges are exempt from complying with this
   criterion for facilities offered after 9 March 2023

 * Contact us
 * FAQ
 * Careers

Follow us on
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 * Follow us on Youtube
 * Follow us on Facebook

 * Visit the British Business Investments website
 * Visit the British Patient Capital website

British Business Bank plc is a public limited company registered in England and
Wales, registration number 08616013, registered office at Steel City House, West
Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM
Government. British Business Bank plc and its subsidiaries are not banking
institutions and do not operate as such. They are not authorised or regulated by
the Prudential Regulation Authority (PRA) or the Financial Conduct Authority
(FCA). A complete legal structure chart for the group can be found at
british-business-bank.co.uk.

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