Growth Guarantee Scheme
Up to £2m of business finance
With a 70% government-backed guarantee provided to the lender.
The scheme at a glance
Could your business be eligible?
If you can tick all five, the scheme may be relevant to your business.
All finance is subject to lender assessment and scheme eligibility. Meeting these points does not guarantee an offer.
Check your eligibilityThe guarantee protects the lender — not the borrower
Government-backed guarantee
Provided to the lender. It reduces the lender’s risk, which can help it say yes.
Repayable by your business
Your business remains responsible for 100% of the debt, exactly as with any other facility.
1. You apply
Tell us about your business and what the finance is for.
2. Lender assesses
An accredited lender reviews your business and proposal.
3. Finance may be offered
Eligible lending may be provided under GGS.
4. Lender is guaranteed
The government provides a 70% guarantee to the lender.
If a lender can offer you a normal commercial facility on better terms, it should do so rather than use the scheme.
How much funding is available?
Facilities of generally up to £2m per business group (up to £1m in scope of the Northern Ireland Protocol). Minimum sizes, rates and terms vary by product and lender.
Term loans
A lump sum repaid over an agreed term.
Overdrafts & revolving credit
Flexible working capital to draw on as needed.
Asset finance
Spread the cost of equipment, machinery or vehicles.
Invoice finance
Release cash tied up in unpaid invoices.
Asset-based lending
Borrow against assets such as receivables, stock or property.
Different lenders see your business differently
Rather than approaching lenders one by one, make one application and let us help you understand the options that could fit — under the scheme or elsewhere in the market.
- Access to a range of business funding options
- Help identifying lenders and products that may suit you
- One application instead of repeating yourself to each lender
- Human support from a real person throughout
- If GGS isn’t the right fit, we can look at other options
SME Loans is not the Government, the British Business Bank or a GGS lender, and not every lender we work with offers the scheme.
Delivered through accredited lenders
GGS is only available through lenders accredited by the British Business Bank. Each lender decides which products it offers under the scheme and makes its own lending decisions.
See the official list
The British Business Bank publishes the full list of accredited lenders.
View accredited lenders →What could the funding be used for?
GGS is designed for businesses that can afford additional finance for cash flow, investment and growth.
Some uses are restricted under scheme rules, including certain export activities. The lender will confirm what is permitted.
Growth Guarantee Scheme FAQs
What is the Growth Guarantee Scheme?
The Growth Guarantee Scheme (GGS) is a government-backed scheme, administered by the British Business Bank, that supports access to finance for smaller UK businesses looking to invest and grow. It is the successor to the Recovery Loan Scheme and is delivered through accredited lenders.
How much can I borrow?
GGS can generally support facilities of up to £2m per business group (up to £1m for businesses in scope of the Northern Ireland Protocol). Minimum facility sizes differ by product and lender, and the amount offered depends on the lender’s assessment.
Is the Growth Guarantee Scheme a government loan?
No. The finance is provided by a commercial accredited lender. The government provides that lender with a guarantee; it does not lend to your business directly.
Does the Government repay 70% of my loan?
No. The 70% government-backed guarantee is given to the lender, not to your business. Your business remains liable for 100% of the borrowing, and the lender can pursue recovery in the normal way if repayments are missed.
Who is eligible?
UK-trading businesses with annual turnover of no more than £45m, that generate more than 50% of turnover from trading activity, have a viable borrowing proposal and are not a business in difficulty (including not being in relevant insolvency proceedings). Meeting these points does not guarantee a lender will offer finance.
Can I get GGS if my bank has declined me?
Possibly. Different lenders assess businesses differently, and you do not need to be an existing customer of an accredited lender to apply. Every application is still subject to that lender’s credit assessment and the scheme rules.
What can GGS funding be used for?
Legitimate business purposes such as managing cash flow, working capital, investment and growth. Some uses are restricted — for example, certain export-related activities — and the lender will confirm what is permitted.
Which lenders offer the Growth Guarantee Scheme?
GGS is only available through lenders accredited by the British Business Bank, and each lender chooses which products it offers under the scheme. The full list is published on the British Business Bank website. SME Loans can help you understand which options may suit your business.
Can I have more than one GGS facility?
Yes, a business can hold more than one facility, but the total borrowed under GGS (including Recovery Loan Scheme borrowing since 1 August 2022) is capped at the business-group level.
How long does an application take?
It varies by lender, product and how quickly information is provided. We will be clear about the next steps and likely timescales once we understand your business and the options available.
See what funding options could be available to your business
It takes a few minutes to start, and a real person will talk you through the options.
Check your optionsRelated finance