Government-backed Loans

Government-backed loans, currently the Growth Guarantee Scheme (GGS) is a scheme where the government provides the Accredited Lender with a 70% government backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process, reducing the risk for the lender and making it easier for businesses to access finance. These loans are designed to support businesses, especially during challenging economic times. The borrower always remains 100% liable for the debt.

The Growth Guarantee Scheme is expected to be available from 1st July 2024 until 31st March 2030.

Repayment terms for loans obtained through the Growth Guarantee Scheme can extend up to 6 years, providing SMEs with flexibility in managing their repayments.

The Growth Guarantee Scheme was announced in the Spring 2024 budget by the Conservative Chancellor Jeremy Hunt. It is administered by the British Business Bank and delivered through a panel of lending partners. Lenders who wish to participate in the scheme then need to be accredited by the British Business Bank. Lenders must adhere to the terms of the scheme but may add their own criteria when assessing a business’s suitability for this or other finance products. As part of your enquiry with Portman, we will look across our panel of lenders matching you with an appropriate funder based on your situation. Lenders whose portfolio includes GGS will make an assessment of suitability alongside their other products. Businesses do not need to use a broker to access the scheme, though doing so may provide a wider range of financial options. If a business takes a loan covered by the scheme, their relationship for the duration of the loan is primarily with the lender, but if a broker such as Portman were used, they will also keep in touch.