Helping with growth and access to finance
Launched in July 2024 to replace the Recovery Loan Scheme, the Growth Guarantee Scheme (GGS) is designed to support access to finance for UK small businesses as you look to invest and grow.
The scheme aims to improve the borrowing terms we can offer you. The terms we offer you are subject to terms and conditions and we’ll need to do standard credit and fraud checks on anyone who applies for the scheme.
If your business meets all of the criteria, you can apply for a loan to help support you with growth and access to finance. You could borrow between £25,001 and £2 million per group for UK borrowers, or up to £1 million per group for NI borrowers.
You can find more information on the British Business Bank and Bank of England websites.
If you’ve had a business relationship with us for at least the last 12 months, you can apply for a loan of between £25,001 and £2 million per group for UK borrowers, or up to £1 million per group for NI borrowers.
For loans less than £25,000, please take a look at our business loans.
If we can offer your business a commercial loan for the same amount on similar or better terms that doesn’t require the guarantee provided by the Growth Guarantee Scheme, then we will.
Growth Guarantee Scheme aims to improve the lending terms on offer to businesses. It provides lenders with a partial government-backed guarantee on loans up to £2 million per group for UK borrowers, or up to £1 million per group for NI borrowers.
The maximum amount you could borrow might be reduced if the Northern Ireland protocol applies to your business and you’re part of the agriculture and aquaculture sectors.
Flexible terms available
Spread repayments of your loan from three months to six years.
Available to businesses that have already received support
You can still apply for the Growth Guarantee Scheme if you’ve taken out a Bounce Back Loan, Coronavirus Business Interruption Loan, Coronavirus Large Business Interruption Loan or Recovery Loan Scheme facility – as long as your business is eligible. However, this might reduce the amount you could borrow.
The UK government and British Business Bank announced that the GGS is available from July 2024.
The Growth Guarantee Scheme is not a grant. It gives us a guarantee so we can provide finance, but your business is still responsible for repaying 100% of the loan. The government guarantee doesn’t in any way reduce your liability for the whole amount of the loan.
The government has also announced a number of other support measures that your business may be eligible for. You can find more information on www.gov.uk
It will depend on your business circumstances and how much money you need. We’ll need to carry out a number of checks and lending assessments to qualify for the scheme.
If your application isn’t successful, we have a range of other flexible borrowing options that may help.
Fixed and variable interest rates will be available.
Your business will need to meet the costs of interest payments and any fees associated with the Recovery Loan Scheme loan from the beginning of the process.
Yes, loans can be refinanced under the Growth Guarantee Scheme, subject to application and eligibility.
Yes, if your business meets the British Business Bank scheme requirements, our lending criteria and doesn’t exceed the maximum loan amount. We’ll consider your total borrowing as part of the overall assessment.
Not exactly. Your loan repayment will be made up of two parts: your capital repayment and your interest payment.
Your loan agreement will tell you exactly how much your capital repayment amount will be each month, but it doesn’t include your interest. We understand this can be confusing, so you’ll also get a letter telling you exactly what your next total repayment amount is every month – we’ll send it around 15 days before each repayment is due.
Looking for a startup loan or a small loan for business?
We could help you to expand, invest in equipment or borrow working capital with secured and unsecured business loans.
If you already bank with us, you can now start an application digitally at any time and place that’s convenient for you. Log in to our app or Online Banking and go to ‘Products and Services’. Answer a few questions and we’ll generate a list for you to consider.
A flexible overdraft that moves with your business demands
An overdraft could help you deal with seasonal trends and short-term cashflow challenges. Borrow up to £50,000 unsecured – the money could be available to you in days.
Help keep your business finances healthy
Sharpen your business money-management skills with our guides on managing cashflow.
Compare our business borrowing with borrowing offered by other lenders2. You can find out more about the government’s Bank Referral Scheme [PDF, 1.4MB], including eligibility information.
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