Growth Guarantee Scheme

What it is

This is a government-backed loan guarantee, not a grant — the 70% guarantee protects the lender, and the borrower stays 100% liable for the full debt. It helps UK SMEs access term loans, overdrafts, asset finance and invoice finance of up to £2m per group (£1m for businesses in scope of the Northern Ireland Protocol) through accredited lenders; successor to the Recovery Loan Scheme, with no central application — you apply to an accredited lender, which runs normal commercial underwriting.

british-business-bank.co.uk returned 403 to automated fetch on 2026-08-21; verified via BBB's own 12 Jul 2026 press release surfaced in search (Chancellor announced a further £6.5bn of GGS lending capacity over 4 years; turnover cap rising £45m -> £54m; facility terms extending up to 10 years for term loans and asset finance; 70% guarantee and £2m cap unchanged; enhancements 'operationalised over the coming weeks') and findbusinesssupport.gov.scot (page updated 3 Jun 2026: scheme active, £45m turnover cap in force, 70% government guarantee, £2m max facility, £1m NI Protocol, excluded sectors = banks, building societies, insurers, public-sector bodies, state-funded schools). The turnover rule below keeps the confirmed-in-force £45m cap; businesses at £45m–£54m may qualify once the announced rise is live at lenders — recheck before advising. Reported scheme end date 31 Mar 2030 and minimum facilities (£25,001 term loans/overdrafts, £1,000 asset/invoice finance) come from the rescued index and were NOT re-verified today. Lender viability/'business in difficulty' tests and sector exclusions are not expressible in engine fields.