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Business Finance

Growth guarantee scheme

The Growth Guarantee Scheme is a government-backed programme designed to support access to finance for eligible UK smaller businesses looking to invest and grow.

Finance at a glance

Key details to help you understand this finance option at a glance.

Purpose

Support eligible UK businesses seeking finance for investment and growth

Finance amount

Up to £2 million per business group, subject to scheme and lender criteria

Finance term

Depends on the type of facility and participating lender

Suitable for

Eligible UK businesses with group turnover not exceeding £45 million

Key note

The government guarantee is provided to the lender. The borrower remains responsible for repayment of the facility.

What is the growth guarantee scheme?

The Growth Guarantee Scheme, or GGS, is a UK government-backed programme administered by the British Business Bank. It is designed to support access to finance for eligible smaller businesses looking to invest and grow. The scheme can support several forms of finance, including term loans, overdrafts, asset finance, invoice finance and asset-based lending facilities through accredited providers. Facilities remain subject to lender approval and normal credit, fraud, anti-money-laundering and know-your-customer checks. The government guarantee supports the participating lender and does not remove the borrower’s responsibility for the debt.

How does the growth guarantee scheme work?

GGS operates through accredited finance providers and remains subject to both scheme eligibility and lender underwriting.

Assess eligibility

Review whether the business meets the current scheme criteria.

Understand the requirement

Establish the amount, purpose and type of finance required.

Consider eligible facilities

A participating provider assesses the business under its normal lending process and the GGS requirements.

Complete subject to approval

If approved, the business enters into the finance agreement and remains responsible for repayment.

What can growth guarantee scheme finance support?

Subject to scheme rules and lender approval, GGS-supported facilities may help finance legitimate business investment and growth.

Business investment

Provide capital for projects intended to develop or improve the business.

Equipment and assets

Eligible asset finance facilities may support machinery and equipment purchases.

Working capital

Support suitable cash flow and operational funding requirements.

Business growth

Provide finance for eligible expansion and development plans.

Features of the growth guarantee scheme

GGS is intended to improve access to finance for eligible smaller UK businesses through participating lenders.

Government-backed scheme

The government provides a guarantee to accredited lenders for qualifying facilities.

Multiple finance types

The scheme can support term loans, overdrafts, asset finance, invoice finance and asset-based lending.

Up to £2 million

The current maximum is up to £2 million per business group, subject to scheme limits and lender approval.

Designed for smaller businesses

The scheme targets eligible UK businesses with group turnover of no more than £45 million.

Who may be eligible for the growth guarantee scheme?

Eligibility is governed by the current scheme rules and the participating lender’s assessment.

UK trading businesses

The business must carry out trading activity in the UK and meet the scheme's UK trading requirements.

Businesses within the turnover limit

Group turnover must generally not exceed £45 million per year.

Viable businesses

The lender must consider the borrowing proposition viable.

Businesses not in difficulty

Businesses in relevant insolvency proceedings or otherwise considered a business in difficulty are not eligible.

The Somerset process

A straightforward, supportive process from initial discussion to completion.

01

Understand

We take time to understand your business, your goals and your finance requirements.

02

Explore

We assess your requirements and explore suitable finance options from available lenders.

03

Apply

We support you through the application process and liaise with the lender as required.

04

Complete

Once the finance is approved and completed, you can move forward with your business plans.

Why Somerset Financial?

Straightforward support to help you explore suitable business finance options for your circumstances.

Finance options explored

We help you explore finance options based on your business requirements and circumstances.

A personal approach

We take time to understand your business, objectives and funding requirements before exploring suitable options.

Tailored to your business

Finance requirements vary from business to business, so we focus on options relevant to your individual circumstances.

Clear guidance

We explain the available options and process clearly, helping you make an informed decision.

Support through the process

We support you through the application process and liaise with the finance provider where required.

Focused on your objectives

Whether you are investing, replacing equipment or managing cash flow, we focus on finance options aligned with your business objectives.