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British Business Bank launches Growth Guarantee Scheme

The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance.

11 Jul 2024

The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance.

The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is expected to support around 11,000 smaller businesses. 

The British Business Bank has so far accredited 41 lenders for the scheme which will run until March 2026. 

The scheme supports term loans, overdrafts, asset finance, invoice finance and asset-based lending facilities. Not all lenders will be able to offer all products.

Minimum facility sizes start at £1,000 for asset finance, invoice finance and asset-based lending and £25,001 for term loans and overdrafts. The maximum facility sizes are up to £2 million per business.

Martin McTague, National Chair of the Federation of Small Businesses (FSB) said: 'We are delighted that the British Business Bank has officially launched the Growth Guarantee Scheme, to get much-needed finance to start-ups and scale-ups, so they can grow.

'The new scheme will help small firms get the funding they require to be able to achieve their dreams.

'The Growth Guarantee Scheme will be an important part of the funding landscape for small firms, whose growth will be an indispensable ingredient in overall economic recovery in the UK.'

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Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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