Growth Guarantee Scheme launch

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Further details of the Growth Guarantee Scheme, the successor to the Recovery Loan Scheme, are published today.

The Growth Guarantee Scheme is designed to support access to finance for UK smaller businesses as they look to invest and grow and is expected to support around 11,000 smaller businesses between now and the end of March, 2026

The British Business Bank has so far accredited 41 lenders for the Growth Guarantee Scheme. Following their accreditation, each lender needs to put in place the operations required to start lending under the scheme, and they will be listed on the British Business Bank website once they are ready to start receiving applications. 20 lenders have so far confirmed they are open for applications. Further lenders are going through the accreditation process and will be accredited over the coming weeks.

These lenders will provide a wide range of finance types to smaller businesses, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.

Reinald de Monchy, MD, Guarantee and Wholesale Solutions, British Business Bank, said: “We’re excited to launch the Growth Guarantee Scheme, which will allow lenders to offer more finance to their customers. This will help to generate more sustainable growth across the UK and provide a springboard to many smaller businesses to scale up or stay ahead.”

For further information on the Growth Guarantee Scheme, click here.