The UK Government’s Growth Guarantee Scheme (GGS)

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The government’s extension of the Recovery Scheme launches 1st July 2024.

  • Government-Backed Finance
  • Latest Scheme to Support SMEs
  • New – Announced 6th March
  • Funds For Any Business Use
£
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  • Terms up to 6 years

  • For all types of businesses

  • Funds for any business use

Available from 1st July 2024

New Government-Backed Finance Revealed as Extension to Recovery Loan Scheme, Replacement for CBILS and Bounceback.

In the Spring 2024 Budget, the Chancellor unveiled plans for the new Growth Guarantee Scheme, an extension of the Recovery Loan Scheme. Portman will continue to support small businesses by facilitating access to the Growth Guarantee Scheme when it becomes available. As one of the UK’s largest brokers of government-backed finance, we will work with multiple lenders to bring you the best options for your business. Learn about RLS, the current government scheme, for SMEs.

Launching 1st July 2024

In the meantime, talk to us about the Recovery Loan Scheme
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What is the Growth Guarantee Scheme?

  • As an extension and rebrand of the Recovery Loan Scheme, the terms of this fourth iteration will remain unchanged to ensure continuity and consistency for lenders and the business community.
  • By offering a 70% government guarantee to participating lenders on loans up to £2 million in Great Britain and £1 million in Northern Ireland, it will facilitate increased access to finance for small and medium-sized enterprises (SMES), expected to support 11,000 businesses between 1st July 2024 and 31st March 2026.
  • The first two iterations of the Recovery Loan Scheme were designed to support access to finance and growth for UK businesses as they recovered from the COVID-19 pandemic, and enabled £4.3bn of finance to smaller UK businesses.
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When will this become available?

  • This government-backed finance is intended to become available on the 1st July 2024, following the end of the Recovery Loan Scheme.
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Am I eligible?

To be eligible your business(es) will have to:

  • Be trading in the UK
  • Generating more than 50% of turnover from trading activity
  • Have a turnover up to £45m a year
  • Not currently be involved in insolvency proceedings
  • Not be any of the following: a bank, insurer, public sector body, a state funded school, or an individual other than a sole trader or a partner acting on behalf of a partnership
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How do I access this?

At Portman Finance Group, we are one of the UK’s largest brokers for government-backed finance, meaning we search the market to find the right lender and options for you and your business. We are also able to build tailored packages from multiple lenders to get you what you need, with one of our dedicated account managers helping guide you throughout the process.

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Key Features

If the Growth Guarantee Scheme mimics the RLS, key features are likely to be:

  • Assurance your Principal Private Residence cannot be taken as security
  • A 70% government-backed lender guarantee supporting lender appetite
  • Competitively fixed interest rates 
  • Opportunity to use funds for any legitimate business purpose 
  • Previous applicants of CBILS, Bounceback, or RLS are eligible to apply
  • Repayment terms up to 6 years 
  • Funds available brokered through Portman is from £10,000 to £2 million 
  • Available to SMEs with a turnover up to £45m

Louis Taylor, CEO, British Business Bank:

“The Growth Guarantee Scheme will build on the work of the Recovery Loan Scheme, helping smaller businesses to access the right type of finance they need to grow and thrive. This type of guarantee scheme supports lenders in providing a wide range of finance for smaller businesses, and so is a vital ingredient in the smaller business finance landscape.”

Portman offers a breadth of business finance

Business Loans, Flexible Loans and Short Term Loans are also funding options

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