You can borrow up to £2 million per business group, or up to £1 million for businesses under the Northern Ireland Protocol. Minimum loan amounts vary depending on the product, starting at £1,000 for asset or invoice finance and £25,001 for term loans and overdrafts.
Term loans and asset finance are available for up to six years. For overdrafts and other forms of revolving credit like invoice finance, the term can be up to three years.
Businesses that have previously borrowed through schemes like CBILS or RLS can still apply for a GGS loan. However, the amount you previously borrowed might affect the maximum you're now eligible to receive.
Lenders can ask for a personal guarantee at their discretion, following their usual commercial practices. It's important to know that your primary residence cannot be used as security under the scheme.
The government provides a 70% guarantee to the lender against any outstanding debt. The borrower, however, always remains 100% responsible for repaying the full amount of the debt.
GGS-backed loans are at the discretion of the lender. They will carry out their normal credit and fraud checks. Lenders are also required to offer you a standard commercial loan if the terms are better for you.
If you require financial support for other purposes, we offer a range of Business Credit products to encourage business growth.
Aaron MoOng Ong Buns