The British Business Bank has set out details of it new Growth Guarantee Scheme, which has been introduced to replace the Recovery Loan Scheme, which has previously benefited a number of businesses in Northern Ireland.
The new scheme is designed to support access to finance for UK smaller businesses as they look to invest and grow and is expected to support around 11,000 smaller firms between now and the end of March 2026.
And so far 41 lenders have been accredited for the Growth Guarantee Scheme, of whom 20 have so far confirmed they are open for applications.
Each now needs to put in place the operations required to start lending under the scheme, and they will be listed on the British Business Bank website once they are ready to start receiving applications.
The lenders will provide a wide range of finance types to smaller businesses, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
The terms of the new scheme - which can lend up to £2m per business - remain broadly unchanged from its predecessor, enabling continuity and consistency for lenders and the business community.
Reinald de Monchy, managing director of guarantee and wholesale solutions at British Business Bank, said: “We’re excited to launch the Growth Guarantee Scheme, which will allow lenders to offer more finance to their customers. It will help to generate more sustainable growth across the UK and provide a springboard to many smaller businesses to scale up or stay ahead.”
