Growth Guarantee Scheme launched to help smaller businesses

Smaller businesses in Surrey can now get access to finance to invest in and grow their company via the British Business Bank’s Growth Guarantee Scheme (GSS).

The new scheme is the successor to the Recovery Loan Scheme and has been designed to support UK smaller businesses to access the finance they need to invest and grow.

So far, there are 41 accredited lenders providing access to finance under the Scheme, with more expected to be accredited by the British Business Bank over the coming weeks.

The GGS will provide access to a range of different types of finance to suit the needs of smaller businesses, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.

The Key Features of the Scheme

The key features of the GGS are broadly similar to those of its predecessor, The Recovery Loan Scheme, and include:

  • Finance available from £1,000 up to £2m per business group, depending on the type of finance product
  • Wide range of products including: term loans, overdrafts, asset finance, invoice finance and asset-based lending facilities
  • Term length: Term loans and asset finance facilities are available from three months up to six years, with overdrafts, invoice finance and asset-based lending available from three months up to three years
  • Access to multiple schemes: Businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or a Recovery Loan Scheme (RLS) facility before 30 June 2024 may still access the Growth Guarantee Scheme
  • Pricing: Fees and interest rates charged by lenders will vary but will take into account the benefit to the lender of the Government guarantee
  • Personal Guarantees: Can be taken at the lender’s discretion, in line with their normal commercial lending practices. (Principal Private Residences cannot be taken as security within the scheme)
  • Guarantee is to the lender: The scheme provides the lender with a 70% government-backed guarantee. Please note: the borrower always remains 100% liable for the debt
  • Decision-making is at the lender’s discretion: finance is provided at the discretion of the lender subject to their usual credit application checks.

How do I apply for the Growth Guarantee Scheme?

More information on the Growth Guarantee Scheme, including the list of accredited lenders, is available on the British Business Bank website.

What other support is available for smaller businesses in Surrey?

We offer a range of advice and support for Surrey businesses. Get in touch today to find out more via our business support form.

You can also search for information and support available near you via our Support Directory.

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Electric vehicle grants of up to £10,000 available for businesses

Businesses ready to make the switch from diesel vans to electric, and who use the A3 regularly, can apply for electric vehicle grants of up to £10,000 to help fund the purchase.

The A3 Electric Vehicle (EV) grants for electric vans offer £5,000 towards the cost of a small new electric van and £10,000 towards a medium or large electric van. 

The A3 EV grant is being introduced to help lower air pollution levels on the A3 road by Guildford.

To be eligible for support, applicants must:

  • own a roadworthy, business-insured diesel van;
  • drive at least 3 single journeys a week or 150 per year on the A3 by Guildford, between Woodbridge Hill A25/A322 junction and A31 to Farnham junction.  

If your business meets these criteria you can apply online on the Surrey County Council website before you purchase or lease your new electric vehicle through an accredited dealer.

You can apply for up to 10 grants per business per year.

This is not a scrappage scheme, so London-based small businesses and residents can apply for the London Clean Air Zone scrappage scheme in addition, and you can also benefit from the plugin grant when purchasing the vehicle regardless of where you are based. 

The A3 EV grant is part of Electric Towns and Cities initiative (ETCI) – Guildford, aimed at reducing nitrogen dioxide (NO2) emissions level on the stretch of road which runs through the town.

This is an £11 million scheme, which also includes a rapid EV charging network and active travel programme.

ETCI is financed by National Highways and delivered by Surrey County Council in partnership with Guildford Borough Council.  

How do I apply for Electric Vehicle Grants?

To check your eligibility, find an accredited dealer and apply online, visit the Surrey County Council website

If you’re a Surrey business looking for free help and support with Net Zero or green technology, get in touch with our experts via our business support form.

A white electric vehicle is parked outside a car showroom. On either side stand four people - two on each side.

Rural business grants of up to £50,000 now available

Rural business grants of up to £50,000 are now available to small businesses (with up to 50 employees), charities and community groups in parts of Surrey.

Companies with up to 50 employees based in Waverley, Guildford and Tandridge are invited to apply. Grants can be used for up to 50% of eligible projects.  

The funding is provided by the Rural England Prosperity Fund (REPF). It aims to support development, jobs, growth and community enterprise in rural areas. 

The rural business grants are between £2,500 and £50,000.

It can be used to help towards the costs of a range of items. This includes new tools and equipment, refurbishments, vehicles, digital infrastructure, green tourism, farm diversification and other rural projects.

Applicants will need to demonstrate how their project helps contribute to Net Zero or nature recovery objectives, whilst being good value for money.  

Information on the types of projects that are eligible is available on the Surrey County Council website. Apply for the funding online here.  

The Rural England Prosperity Fund is financed by the government.

It is administered and managed by Surrey County Council (SCC) on behalf of the District and Boroughs of Tandridge, Guildford and Waverley.  

How to apply for rural business grants

Applications for a grant from the Rural England Prosperity Fund can be done online via the Surrey County Council website.

The window for applications are now open. All funding is expected to be allocated by November 2024.

Before applying, businesses are encouraged to visit the government website to check your geographical eligibility.

Applications will be reviewed and assessed regularly on a first come first served basis by an independent Local Action Group (LAG) panel.

All projects will be scored with funding handed out to successful projects.

What other Net Zero support is available?

Going green is good for business. It can help your business grow, seize new opportunities, create new jobs, encourage investment and adapt against the challenges of a changing planet. Reducing emissions can also save your business money.

We are working with businesses and organisations to nurture innovation to help the transition to a net zero economy. Find out more on our dedicated Green and Net Zero page.

Or, you can get free advice and support for your Surrey business via our business support form.

You can also search for information near you via our Support Directory.