The British Business Bank today announces that its Growth Guarantee Scheme has supported more than £250m of finance to smaller businesses, since its launch as a successor to the Recovery Loan Scheme in July 2024.
The Growth Guarantee Scheme is designed to support access to finance for UK smaller businesses as they look to invest and grow. The scheme works with a wide range of financial products and lenders, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
The Government-backed guarantee scheme, with 50 accredited lenders, has provided finance to a broad diversity of smaller businesses across the UK’s Nations and regions. Approximately two thirds of guaranteed facilities have been provided to businesses located outside of London and the South-East.
The wholesale and retail sector has been provided the highest proportion of facilities, at 17% of the total. This was followed by manufacturing, at 15% of facilities, whilst construction, and professional and scientific, accounted for 12% and 9% respectively.
96% of facilities have been provided to businesses with fewer than 50 employees, with this finance used for expansion and growth, including asset finance, capital expenditure, start up and working capital.
A quarter of the total lending from the Growth Guarantee Scheme has been provided under Asset Finance. This reflects the growth of Asset Finance as a finance option for businesses, seen in the wider marketplace over the last few years.
You can read the full press release here.
