Get a helping hand to grow your business.
Access finance solutions backed by the government.
Supporting investment and growth.
If you’re a smaller business looking to secure funding for investment and growth, a government backed finance option could be a route to explore. The Government Growth Scheme supports various initiatives and programs to support the growth and expansion of businesses, particularly startups and small businesses. The scheme is designed to provide financial assistance, mentorship, and resources that help businesses scale, innovate, and create jobs.
The Growth Guarantee Scheme
The Growth Guarantee Scheme (GGS) is the most recent form of government backed lending and replaces the well-known Recovery Loan Scheme. Its whole aim is to give lenders the facility to offer better terms to borrowers and make it easier for small businesses in the UK to secure finance.
How it works
The GGS gives accredited lenders extra security, meaning they can offer better finance options to smaller businesses. This is because when finance is offered, it is backed by the government. As your broker, we approach the lender with your proposal as we would normally- and your application is then assessed. Whilst the government acts as a guarantor, all lenders using GGS must still undertake the standard credit, fraud, Anti-Money Laundering (AML) and Know Your Customer (KYC) checks for all those applying for finance.
It’s worth noting that not all of the accredited lenders will be able to offer all types of finance, and the amounts and rates will differ between them too. As your broker, we understand the differentials of the market, so we approach the one’s that can support your needs.
What you’ll need to apply
In the same way as applying for a traditional commercial loan, you’ll need to provide certain things to show that your business will be able to repay the money you borrow.
The most common things requested by lenders are:
● Your business plan
● Previous years accounts- where you have them
● Details of any subsidiary already awarded
● Asset details
● Management accounts
Each lender will have their own requirements based on the type of finance, so it could be the case that you may need to provide further documentation.
Key features of the Growth Guarantee Scheme
Up to £2million can be borrowed per business/group
Minimum amounts vary by product but range from £1,000 to £25,000
Wide range of products available
Borrower is still 100% liable for the debt
Loans term lengths from 3 months to 6 years
70% government backed guarantee for the lender
Personal guarantees at lenders discretion
Accredited lender makes the decision not the government
In addition to the GGS, there are government backed start up loans available for businesses at the very beginning of their journey.
Let our team do all the hard work for you.
There’s a lot involved in accessing finance through the GGS, but you don’t have to do it alone. We’ve developed a process that streamlines the journey to securing your funds and allows us to do most of the hard work for you. What’s more, our team has a vast amount of experience with a range of finance facilities offered through the GGS and knowledge of what the lenders will look for, so we can ensure you understand your options from the start.
Our Success Stories
We’re proud to be able to support our clients with securing a business loan and we’re even prouder when they let us tell their story. Take a look at some of our previous business loan success stories to see how we can help.
FAQs
Government backed lending schemes are open to change, and new schemes may become available and previous schemes discontinued. The below information refers to the current Guaranteed Growth Scheme, unless stated otherwise.
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The current GGS can support borrowing of up to 2 million per group. Support for non-loan options, such as overdraft and other borrowing facilities is also available.
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To be considered for the GGS a business needs to have been trading for a minimum of 2 years and meet the other eligibility criteria. If you’re a start-up company, a government backed start up loan may be more suitable.
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Yes, those who have made use of previous government backed initiatives can still be eligible for the current GGS, as long as receiving GGS support does not put the business over the maximum amount of subsidy they are able to receive.
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To be eligible for the GGS you must: have a turnover below 45 million, be UK based, and have a viable business plan (as determined by the lender).
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A poor credit history alone does not exclude you from being eligible for a government lending scheme, however a company must not be in present difficulty in order to apply.
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Some businesses are excluded from government backed lending schemes, such as those dealing in property development, gambling, or banking services.
Not Sure a Government Backed Lending is Right For You?
If you’re not quite sure what the best finance solution is for your business, but you know the GGS isn’t for you, then take a look at some of the other finance solutions available.
Request a Callback
Need more information or have a question? Our team is here to help. Simply fill in your details, and one of our experts will give you a call at a time that suits you.