We’re now taking applications: the Growth Guarantee Scheme!
The successor to the Recovery Loan Scheme from the British Business Bank, the Growth Guarantee Scheme is designed to support and broaden access to finance for UK businesses – helping and encouraging business growth and investment. One of the first accredited lenders of the scheme, Let’s Do Business Finance is excited to announce that they are now accepting applications for the new scheme from Monday 8 July 2024.
Running until 31 March 2026 and a continuation and refresh of the Recovery Loan Scheme and the Coronavirus Business Interruption Scheme, the Growth Guarantee Scheme serves as a much-needed option for finance for UK businesses – especially businesses who find it difficult to access and secure finance elsewhere. The new scheme keeps the key features of its predecessors, including eligibility criteria and a government-backed guarantee to the lender of 70%, with accredited lenders scattered across the UK to make it easier for borrowing businesses to find a local lender.
A Community Development Finance Institution and Responsible Finance provider, Let’s Do Business Finance, have been delivering the predecessor schemes from the British Business Bank since 2020 – and have supported thousands of businesses in securing finance facilities to survive, rebuild and grow during and following the pandemic. One of the first accredited lenders of the new scheme, Let’s Do Business Finance are able offer term loans of up to £150k to eligible businesses - and are looking forward to supporting even more businesses as they expand their coverage areas to include London, in addition to their heartlands in the South East and East of England. In total they now support businesses in the counties of Sussex, Surrey, Suffolk, Kent, Essex, London, Norfolk, Cambridgeshire, Hertfordshire, Isle of Wight, Berkshire, Oxfordshire, Buckinghamshire and Hampshire.
“We are delighted to be amongst the first accredited to deliver the new Growth Guarantee Scheme. Having delivered on all previous pandemic focused schemes we look forward to focusing on helping micro and small enterprises invest for growth across the London, the South East and East of England.”
