Growth Guarantee Scheme

Previously named The Recovery Loan Scheme

The Recovery Loan Scheme extended & renamed Growth Guarantee Scheme - 1st July 2024

The Recovery Loan Scheme ended in June 2024 however, the Government has extended and renamed the scheme to the Growth Guarantee Scheme.

The terms of the scheme will remain unchanged. The scheme is expected to support 11,000 businesses between the 1st of July 2024 and 31st March 2026.

Key Features of the Loan

From £1,000 to £2,000,000
Asset Finance, Business Loan and Invoice Finance facilities available
70% of outstanding loan guaranteed by the Government
Compeititve interest rates
Funds for any legimate business use
Covid impact assessment not required
Previous appliciants and recipients of the Bounce Back (BBL) or Coronavirus Business Interupption Loan (CBILS) can apply
Up to 6 year terms.

Government Backed Loan Scheme Criteria

Am I eligible for the Growth Guarantee Scheme?

A UK trading business
Generating more than 50% of turnover from trading activity
Maximum turnover of up to £45m per a year
Not currently involved in any insolvency proceedings

Who couldn’t apply for the Growth Guarantee Scheme?

Banks, building societies, insurers and reinsurers (not insurance brokers)
Public sector bodies
State funded primary and secondary schools
An individual other than a sole trader or a partner acting on behalf of a partnership.