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Growth Guarantee Scheme Loans

Borrow from £10,000 to £2m for equipment, property, cash flow management, and more.
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    Loan Typically Available Within 48 Hours.
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    £0 Deposit.
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Growth Guarantee Scheme (GGS) at a Glance

Launched in July 2024, the Growth Guarantee Scheme (GGS) serves as the successor to the Recovery Loan Scheme (RLS) and intends to help small UK-based businesses access the finance they need to invest and grow. The scheme, backed by the UK Government, is scheduled to run until March 2026, providing each eligible business with a substantial window to plan and secure the necessary funding to reach its goals.

At Union Business Finance, we support each individual in finding the best financing solutions to drive their business forward. In many cases, the GGS may be the most suitable option; however, in the circumstances where it is not, we may be able to offer a business loan or alternative form of finance with better terms for your business.

Please Note: While the Growth Guarantee Scheme offers a government-backed guarantee to lenders, borrowers remain 100% liable for the debt. All lending is subject to status and availability.

Benefits of Our Growth Guarantee Scheme Loans

Here’s why your business might consider applying for a GGS loan:
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    Flexible loan purposes.
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    Simplified application process.
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    Government-backed guarantees.
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    Broad eligibility criteria.
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    Competitive rates.
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    Well-informed about the UK market conditions.

Key Features of GGS Loans

GGS loans are designed to provide your business with an accessible and flexible financing solution to support your investment needs. Key features include:
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    Loan Amounts: Finance from £10,000 to £2 million (£1 million in Northern Ireland).

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    Wide Range of Products: Includes term loans, asset finance, invoice finance, and more.

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    Flexible Terms: Term loans/asset finance: 3 months to 6 years, and invoice finance/asset-based lending: 3 months to 3 years.

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    Government-Backed Guarantee: 70% government-backed guarantee; borrowers remain 100% liable.

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    Pricing: Interest rates and fees vary based on the proposal, reflecting the government-backed guarantee.

Your business is eligible for the GGS even if you’ve used any of the following before 30th June 2024: the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS), or Recovery Loan Scheme (RLS).

Eligibility Requirements

To be eligible for a GGS loan your business must meet the following criteria:

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    Annual Turnover: Your business should have an annual turnover of up to £45 million.

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    Trading Activity: Must actively trade in the UK, with over 50% of income from trading activities.

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    Business Viability: Must demonstrate the ability to repay the loan within the timeframe.

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    Financial Status: Must not be in financial difficulty or insolvency proceedings.

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    Subsidy Limits: Total subsidies must stay within the allowable three-year limit.

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    Authorisation: Applicants must be 18+ and authorised to apply on behalf of the business.

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    Funding Use: For business purposes only, such as managing cash flow.

The following industries are not eligible under the GGS;

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    Banks

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    Building societies
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    Insurers and reinsurers (excluding finance brokers)
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    Public sector bodies, and
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    State-funded schools (primary or secondary).

How Can I Apply?

Applying for a GGS Loan Is Fast and Easy:

  1. Give our team a call on 01442 617 799, or complete the online enquiry form below. One of our experts will get back to you promptly for a no-obligation chat about your business needs. If we feel another form of finance may be more suited for you, we’ll let you know.

  2. If you'd like to proceed, simply provide us with the necessary documentation (outlined below), such as financial statements that demonstrate your business's trading activity.

  3. Your application will be reviewed. If successful, you will be sent an offer letter , including the loan amount, agreement details, and repayment terms.

  4. If you’re happy with the offer, simply sign it and return the agreement.

  5. Once processed, the funds will be transferred to your business account; typically within 48 hours.

What We Need From You

To help us process your application as efficiently as possible here’s what we will need from you:
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    The date your business first started trading.

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    How you intend to use the loan.

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    Business turnover and net profit for the previous 12 months.

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    Your business’s forecasted turnover for the upcoming 12 months.

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    Information about any subsidies that you have benefited from in the last 3 years.

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    Information about any existing finance you’re currently receiving, such as CBILS.

British Business Bank logo

The Growth Guarantee Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy.

British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Visit the British Business Bank for more information.

Start Your GGS Loan Application Today!

The Growth Guarantee Scheme has presented a great opportunity for many small businesses to access the finance they need to reach their goals - why not join them in receiving this practical finance solution?

Through Union Business Finance, you can quickly access up to £2m in funding to purchase commercial property, hire useful equipment, or manage your cash flow effectively, receiving funds in as little as 48 hours. To get started with us, please fill out an enquiry form, or give us a call on 01442 617 799 (9am-5pm Monday to Friday).

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FAQs

Is the GGS a grant or loan?
The GGS is a government-backed loan scheme, not a grant. If your application is successful, you will remain 100% liable for the loan.

What can I use the GGS loan for?

GGS loans can be used for various business purposes, including:

  • Term Loans: For capital investments or business expansion.
  • Overdrafts: To manage short-term cash flow needs.
  • Asset Finance: To acquire business equipment or machinery.
  • Invoice Finance: To improve working capital by advancing funds against outstanding invoices.

Do I have to have been affected by the COVID-19 pandemic?

No, eligibility for the GGS is not determined upon being affected by the COVID-19 pandemic. The scheme is open to all eligible UK-based small businesses seeking to invest and grow, regardless of pandemic impact.

Can I use the GGS to refinance existing debt?

Yes, GGS loans can be used to refinance existing debt, provided the refinancing is part of a broader investment or growth plan.

Can I make additional repayments to my loan?

The ability to make additional repayments depends on the specific terms of your GGS loan agreement. It's advisable to discuss repayment options with our finance brokers to understand any flexibility regarding early repayments or overpayments.

Am I eligible if I have received EIS?

Receiving funding through the Enterprise Investment Scheme (EIS) does not automatically affect your eligibility for the GGS. Eligibility is primarily based on your business's size, financial health, and growth plans. Please consult with our brokers to discuss how any existing funding arrangements may impact your application.

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    Aintu Ltd T/A Union Business Finance is an independent Asset finance broker not a lender, as such we can introduce you to a wide range of finance providers depending on your requirements and circumstances. We are not independent financial advisors and so are unable to provide you with independent financial advice. Aintu Ltd T/A Union Business Finance will receive payment(s) or other benefit from the finance provider if you decide to enter into an agreement with them. Aintu Ltd T/A Union Business Finance is an appointed representative of AFS Compliance Ltd which is authorised and regulated by the Financial Conduct Authority under number 625035. Aintu Ltd T/A Union Business Finance aims to provide our customers with the highest standards of service. If our service fails to meet your requirements and you would like to report a complaint; please click on the link below;

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