SME Growth Guarantee Scheme launch

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

The scheme’s terms remain broadly unchanged from its predecessor. This was the Recovery Loan Scheme. Under the scheme 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 a maximum of £2m per business. Size of Loan will, however, vary depending on the type of finance. Businesses that have taken out previous loan schemes will also be allowed to access the Growth Guarantee Scheme.

iBOSS Comment:

If you would like to know more about the new scheme &/or need help in submitting an application then call us at iBOSS (The Independent Business Owners Support Services) on 07770 866 955, e-mail to or complete our enquiry form.

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