The British Business Bank has officially launched the Growth Guarantee Scheme. This aims to Provide access to finance for UK SMEs. The scheme is expected to support some 11,000 smaller businesses between July 2024 and March 2026. To date, 41 Lenders have been accredited for the scheme. Of these 20 are now ready to accept applications.

The scheme’s terms remain broadly unchanged from its predecessor, the Recovery Loan Scheme. The Lenders will provide various types of finance. These will include term loans, overdrafts, asset finance, invoice finance, and asset-based lending. Facilities will be provided up to £2m per business. There will, however, be different facility sizes for different types of finance. Businesses that have taken out previous loan schemes will still be allowed to access the Growth Guarantee Scheme.

BFS Comment:

If you would like to know more about this new scheme &/or need help in submitting an application then call us at Business Finance Services on 07770 866 955 or e-mail to enquiries@bufinserv.co.uk.

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