With the Recovery Loan Scheme (RLS) being “rebranded” and now called the Growth Guarantee Scheme (GGS), here are the details of how it works –
The Growth Guarantee Scheme (GGS) is a Government-backed initiative, aimed at smaller UK businesses.
It aims to be able to offer, via accredited lenders, such financial products as
- Term loans
- Overdrafts
- Asset Finance
- Invoice Finance and
- Asset-based lending.
These financing options can be used for various business needs, such as investment and managing cash flow.
A few facts –
- Finance starts from £1,000 for asset finance, invoice finance and asset-based lending, up to £2M
- Term loans and overdrafts start from £25,001
- Available terms are from 3 months up to 3 or 6 years, dependent on which product chosen.
- If a business has already taken part in any of the Government-backed loans (CBILs, RLS etc) this may reduce the amount that can be further borrowed.
- The GGS ensures that the lender has a Government-backed guarantee during any recovery process, but the borrower will always be liable for 100% of the amount financed.
- The GGS is open to all types of UK-based businesses*
- The GGS will not be offered past March 2026*
Please note this information does not constitute an offer of finance. All finance is subject to terms and conditions and credit checks.
*Please note, all information correct at time of publishing.
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