The Growth Guarantee Scheme
The Growth Guarantee Scheme is designed to support access to finance for smaller UK businesses as they invest and grow. Products Supported include term loans, overdrafts, asset finance, invoice finance, and asset-based lending.
Targeted at SME’s with a turnover up to £45,000,000
70% Government Backed Lender Guarantee
Your family home cannot be taken as security
Competitively Priced Fixed Interest Rates
Repayment Terms up to 6 Years
Previous Applicants of Bounce Back Loans, CBILS or Recovery Loans can still apply
Must be trading in the UK for a minimum of two years
More than 50% of Turnover should be from trading activity
Turnover up to £45M per year
Not currently involved in insolvency proceedings
Not currently involved in insolvency proceedings
Not be any of the following: a bank, insurer, public sector body, a state funded school, or an individual other than a sole trader or a partner acting on behalf of a partnership
Scheme (GGS) is now open.
The Growth Guarantee Scheme is designed to support access to finance for smaller UK businesses as they invest and grow. Products Supported include term loans, overdrafts, asset finance, invoice finance, and asset-based lending.
Recognising the vital role of small and medium-sized enterprises (SMEs) in the national economy, the government declared 2024 as "the year of the SME" in February. This commitment came with a series of initiatives to support these businesses.
A key element was the launch of the "Help to Grow" campaign, designed to empower SMEs with resources and guidance. Additionally, a dedicated small business council was established to ensure their voices are heard in policy discussions.
Further bolstering these efforts, the government extended and revamped the Recovery Loan Scheme. Renamed the Government Guarantee Scheme, it will now run until March 2026, providing crucial financing to an estimated 11,000 SMEs. This extended access to capital is expected to be a significant driver of growth for these vital businesses.
HOW DO YOU APPLY?
Just fill in your details below. We’ll arrange for an adviser to call you and run through the options available.
2024: The Year of the SME
Recognising the vital role of small and medium-sized enterprises (SMEs) in the national economy, the government declared 2024 as "the year of the SME" in February. This commitment came with a series of initiatives to support these businesses.
Boosting Growth and Access to Capital
A key element was the launch of the "Help to Grow" campaign, designed to empower SMEs with resources and guidance. Additionally, a dedicated small business council was established to ensure their voices are heard in policy discussions.
Further bolstering these efforts, the government extended and revamped the Recovery Loan Scheme. Renamed the Government Guarantee Scheme, it will now run until March 2026, providing crucial financing to an estimated 11,000 SMEs. This extended access to capital is expected to be a significant driver of growth for these vital businesses.
Sign up for announcement here:
Fill in the form to
register your interest
and apply for GGS.
The Recovery Loan Scheme (RLS), launched by the British Business Bank in April 2021, aimed to support UK businesses in their sustainable recovery from the Covid-19 pandemic. Here’s a summary of the performance data for RLS iterations 1 & 2 as of March 31, 2024:
Total Facilities Drawn: Businesses accessed 20,078 facilities, totalling £4.33 billion through the RLS.
On Schedule: 70.94% of RLS facilities are on schedule.
Fully Repaid: 9.57% of scheme facilities are fully repaid.
In Arrears: 3.19% are currently in arrears (not yet progressed to default).
In Default: 2.09% are currently in default (not yet progressed to lender claims).
Lender Claims Settled: British Business Bank settled lender claims of £204.67 million, representing 4.72% of the total drawn value or 11.83% of the total number of drawn facilities.
Please note that while RLS iterations 1 & 2 closed to new applications on June 30, 2022, data collection from scheme lenders is subject to refinement over time.
Since the launch of RLS, the British Business Bank has regularly published quarterly performance data for iterations 1 & 2, with a commitment to continue publishing performance data on a quarterly basis.
This publication provides data as at 31 March 2024 for the RLS (iterations 1 & 2). As with previous publications, the data relies on information submitted to the British Business Bank’s guarantee portal by accredited lenders.
As at 31 March 2024, businesses had drawn 20,078 facilities, totalling £4.33 billion, through the RLS.
70.94% of RLS facilities (by number of drawn facilities) are on schedule, and 9.57% of scheme facilities are fully repaid. 3.19% are currently in arrears (but not yet progressed to default), and 2.09% are currently in default (but have not yet progressed to a claim by lenders).
To date lender claims of £204.67 million have been settled by British Business Bank against the government guarantee. This equates to 4.72% of the total drawn value or 11.83% of the total number of drawn facilities.
It remains important to recognise that while RLS iterations 1 & 2 were closed to new applications on 30 June 2022, data being collected from scheme lenders is subject to refinement, addition, and correction over time, and should not be regarded as definitive nor conclusive as to the performance of the scheme.
Lenders have currently identified 89 RLS facilities with an aggregate drawn value of £34.39m as suspected fraud. This equates to 0.44% of the total number of drawn facilities and 0.79% of the total drawn value. Lenders continue to review cases, and consequently this figure is subject to change. This relies on lenders’ business as usual threshold for fraud reporting. That is, the lender has established sufficient grounds to suspect fraud, which is then reported via the British Business Bank portal.
Lenders are not law enforcement agencies or investigatory organisations. Where they have a suspicion that fraud has been committed by a borrower, they will indicate so in the information which they provide to the British Business Bank. Ultimately it is law enforcement/ the courts that determine whether or not a fraud has been committed, and so the statistics presented are only an indicator of the levels of suspected fraud that have been identified within the scheme at a given point in time.
THE GROWTH GUARANTEE SCHEME | JULY 2024
The Recovery Loan Scheme (RLS), launched by the British Business Bank in April 2021, aimed to support UK businesses in their sustainable recovery from the Covid-19 pandemic. Here’s a summary of the performance data for RLS iterations 1 & 2 as of March 31, 2024:
Total Facilities Drawn: Businesses accessed 20,078 facilities, totalling £4.33 billion through the RLS.
On Schedule: 70.94% of RLS facilities are on schedule.
Fully Repaid: 9.57% of scheme facilities are fully repaid.
In Arrears: 3.19% are currently in arrears (not yet progressed to default).
In Default: 2.09% are currently in default (not yet progressed to lender claims).
Lender Claims Settled: British Business Bank settled lender claims of £204.67 million, representing 4.72% of the total drawn value or 11.83% of the total number of drawn facilities.
Please note that while RLS iterations 1 & 2 closed to new applications on June 30, 2022, data collection from scheme lenders is subject to refinement over time.
Since the launch of RLS, the British Business Bank has regularly published quarterly performance data for iterations 1 & 2, with a commitment to continue publishing performance data on a quarterly basis.
This publication provides data as at 31 March 2024 for the RLS (iterations 1 & 2). As with previous publications, the data relies on information submitted to the British Business Bank’s guarantee portal by accredited lenders.
As at 31 March 2024, businesses had drawn 20,078 facilities, totalling £4.33 billion, through the RLS.
70.94% of RLS facilities (by number of drawn facilities) are on schedule, and 9.57% of scheme facilities are fully repaid. 3.19% are currently in arrears (but not yet progressed to default), and 2.09% are currently in default (but have not yet progressed to a claim by lenders).
To date lender claims of £204.67 million have been settled by British Business Bank against the government guarantee. This equates to 4.72% of the total drawn value or 11.83% of the total number of drawn facilities.
It remains important to recognise that while RLS iterations 1 & 2 were closed to new applications on 30 June 2022, data being collected from scheme lenders is subject to refinement, addition, and correction over time, and should not be regarded as definitive nor conclusive as to the performance of the scheme.
Lenders have currently identified 89 RLS facilities with an aggregate drawn value of £34.39m as suspected fraud. This equates to 0.44% of the total number of drawn facilities and 0.79% of the total drawn value. Lenders continue to review cases, and consequently this figure is subject to change. This relies on lenders’ business as usual threshold for fraud reporting. That is, the lender has established sufficient grounds to suspect fraud, which is then reported via the British Business Bank portal.
Lenders are not law enforcement agencies or investigatory organisations. Where they have a suspicion that fraud has been committed by a borrower, they will indicate so in the information which they provide to the British Business Bank. Ultimately it is law enforcement/ the courts that determine whether or not a fraud has been committed, and so the statistics presented are only an indicator of the levels of suspected fraud that have been identified within the scheme at a given point in time.
THE GROWTH GUARANTEE SCHEME | JULY 2024