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How much financial support did the UK government provide during the pandemic?
The UK government provided nearly £80 billion worth of emergency government-backed loans during the pandemic, supporting over 1.6 million businesses. This support was crucial in protecting jobs and livelihoods during a period of unprecedented economic disruption.
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Growth Guarantee Scheme (GGS)
A UK government-backed scheme designed to stimulate business growth.
The GGS operates by offering loans to eligible UK businesses that demonstrate a solid growth potential. By guaranteeing a portion of these loans, the government encourages lenders to provide financing at more favourable terms, such as lower interest rates. This makes it easier for businesses to access the capital necessary for expansion, investment in new equipment, hiring additional staff, or entering new markets.
The GGS is intended to boost the UK economy by supporting businesses in their growth endeavours. It aims to create jobs, increase productivity, and foster innovation. By reducing the financial barriers to business expansion, the GGS can help businesses achieve their full potential and contribute to the overall economic prosperity of the United Kingdom.
Learn more on how Portman can support your business with the Growth Guarantee Scheme GGS
