British Business Bank launches Growth Guarantee Scheme

Further details of the Growth Guarantee Scheme, the successor to the Recovery Loan Scheme, have been published today.

The Growth Guarantee Scheme is designed to support access to finance for UK smaller businesses as they look to invest and grow and is expected to support around 11,000 smaller businesses between 1st July 2024 and 31st March 2026.

The British Business Bank has so far accredited 41 lenders for the Growth Guarantee Scheme, with 20 lenders confirming they are open for applications. Further lenders are going through the accreditation process and will be accredited over the coming weeks.

These lenders will provide a wide range of finance types to smaller businesses, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.

The terms of the scheme are intended to remain broadly unchanged from its predecessor, the Recovery Loan Scheme, enabling continuity and consistency for lenders and the business community.

Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions, British Business Bank, said: “We’re excited to launch the Growth Guarantee Scheme, which will allow lenders to offer more finance to their customers. This will help to generate more sustainable growth across the UK and provide a springboard to many smaller businesses to scale up or stay ahead.”

Further information on the Growth Guarantee Scheme, including the current list of accredited lenders, is available on the British Business Bank website.