Smaller businesses in Surrey can now get access to finance to invest in and grow their company via the British Business Bankโs 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 ยฃ1,000 up to ยฃ2m 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:โฏTerm 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:โฏBusinesses 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:โฏFees 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 lenderโs 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:โฏThe 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 lenderโs discretion:โฏfinance 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.
