What is the Growth Guarantee Scheme?
Key features of the Growth Guarantee Scheme
Loan amounts
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 lengths
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.
Access to multiple schemes
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.
Personal Guarantees
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.
Government Guarantee
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.
Lender decision
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.
Who’s eligible for the Growth Guarantee Scheme?
You’re a UK-based business with an annual turnover of less than £45 million and a viable business proposition Your business generates more than 50% of its income through trading activity Your business is not a business in difficulty, eg not in relevant insolvency proceedings or financial difficulty You will need to provide written confirmation that receipt of the GGS facility will not mean that your business exceeds the maximum amount of subsidy you’re allowed to receive
What do you need to apply for the Growth Guarantee Scheme?
Basic information about your business, such as how old it is, and your annual revenue Your business plan Information on directors and shareholders Bank statements covering the past year
We've already helped businesses secure more than £1 billion
How to apply for the Growth Guarantee Scheme
Tell us how much you need to borrow We’ll ask you how much you need, what it’s for, and for some basic information about your business. If you’d like to apply through the Growth Guarantee Scheme, this is your chance to let us know. Compare loans without impacting your credit score We’ll connect you to the largest network of lenders in the UK, so you can view affordable credit options that suit the unique needs of your business. Apply in minutes Once approved, you’ll receive a quote from a lender you matched with. Get a decision and receive your funds Depending on the type of finance you’ve applied for, money could be available in around 24 hours.
Access a range of business funding options from our trusted partners
What can you use funding from the Growth Guarantee Scheme for?
Purchasing new equipment
Refinancing
Working capital solutions
Looking for alternative business finance?
If you require financial support for other purposes, we offer a range of Business Credit products to encourage business growth.
Business Loans
Property Finance
Invoice Finance
Merchant Cash Advance (MCA)
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