Apply for a Growth Guarantee Loan To Help You
Grow Purchase Stock Employ Staff Expand Pay Suppliers
If your business needs help accessing the finances it needs to invest and grow, the Growth Guarantee Scheme could help.
- Apply in minutes
- Applying won’t affect your credit score
- Free, no obligation quote
From 13.7%
Interest rates per annum
£100,000 +
Annual turnover
2 – 6 years
Loan term
£25,001 - £250k
Funding requirement
Our lending partners
About Growth Guarantee Scheme (GGS)
What is the Growth Guarantee Scheme?
The Growth Guarantee Scheme (GGS) was launched in July 2024 as the successor to the Recovery Loan Scheme (RLS). It is designed to support access to finance for small businesses across the UK, which will help them invest and grow.
The previous iterations of GGS and RLS were designed to support businesses negatively impacted by COVID-19. However, the latest scheme no longer references the impact of the pandemic, and it is available to all qualifying UK businesses.
GGS is available through accredited lenders and can be accessed via a wide range of different products, including:
It can offer a maximum facility amount of £ 2 million, and the scheme provides the lender with a 70% government-backed guarantee. This reduces the lender’s risk as it knows it is guaranteed to recoup 70% of the loan from the government in the event of default.
It’s important to note that the guarantee is to the lender, not the borrower, and you will remain liable for 100% of what you borrow through the scheme.
Businesses can use the finance for any legitimate business purpose, including investment for growth or managing cash flow.
Any business that took out one of the previous schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS), or Recovery Loan Scheme (RLS), can still access the Growth Guarantee Scheme.
- Suitability: The scheme is designed for small businesses that need help accessing the finance they need to invest and grow.
- Purpose: Any legitimate business purpose, including supporting cash flow, investment, debt consolidation, stock and more.
- Amount: The maximum facility amount is £2 million per business group or £1 million for Northern Ireland Protocol borrowers.
- Term: This varies from product to product, but term loans and asset finance are available from three months to six years, and overdrafts and invoice financing are available from three months to three years.
- Cost: Interest rates will vary based on the lender and the details of your loan. The lender should factor in the benefits of the scheme when setting their rates.
To access the scheme, your business must:
- Have a turnover of less than £45 million
- Be carrying out trading activity in the UK
- Be viable (i.e. the lender must consider that the borrower has a viable business proposition)
- Not be considered a business in difficulty, including not being in relevant insolvency proceedings
There are a few other things to be aware of when applying through GGS, including:
- Lenders are required to conduct credit and fraud checks on all GSS applicants; the checks and approaches vary by lender.
- Lenders may accept personal guarantees in line with their normal commercial lending practices, but Principal Private Residences cannot be taken as security within the scheme.
- If a lender can offer finance on normal commercial terms without using the scheme, it may do so.
Some types of businesses are not eligible to access GGS, including:
- Banks, building societies, insurers and reinsurers (excluding insurance brokers)
- Public sector bodies
- State-funded primary and secondary schools
You can apply for the Growth Guarantee Scheme for any legitimate business purpose, for example:
- Managing cash flow
- Buying equipment
- Meeting a one-off cost
- Helping with payroll
- Investing in things like marketing
- Growing your business
You may be asked what the purpose of the loan is as part of the application process.
The Growth Guarantee Scheme is available through any of the British Business Bank’s accredited lenders.
You can apply for a GGS loan with Aurora Capital today. We can help you find the right finance option for your business and support you during the application process.
When applying for a GGS-backed loan, you may need to provide:
- Management accounts
- Three years’ worth of historical accounts
- Details of any assets
- The amount and details of any previous subsidy your business has received
The Growth Guarantee Scheme (GGS) was launched in July 2024 as the successor to the Recovery Loan Scheme (RLS). It is designed to support access to finance for small businesses across the UK, which will help them invest and grow.
The previous iterations of GGS and RLS were designed to support businesses negatively impacted by COVID-19. However, the latest scheme no longer references the impact of the pandemic, and it is available to all qualifying UK businesses.
GGS is available through accredited lenders and can be accessed via a wide range of different products, including:
It can offer a maximum facility amount of £ 2 million, and the scheme provides the lender with a 70% government-backed guarantee. This reduces the lender’s risk as it knows it is guaranteed to recoup 70% of the loan from the government in the event of default.
It’s important to note that the guarantee is to the lender, not the borrower, and you will remain liable for 100% of what you borrow through the scheme.
Businesses can use the finance for any legitimate business purpose, including investment for growth or managing cash flow.
Any business that took out one of the previous schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS), or Recovery Loan Scheme (RLS), can still access the Growth Guarantee Scheme.
- Suitability: The scheme is designed for small businesses that need help accessing the finance they need to invest and grow.
- Purpose: Any legitimate business purpose, including supporting cash flow, investment, debt consolidation, stock and more.
- Amount: The maximum facility amount is £2 million per business group or £1 million for Northern Ireland Protocol borrowers.
- Term: This varies from product to product, but term loans and asset finance are available from three months to six years, and overdrafts and invoice financing are available from three months to three years.
- Cost: Interest rates will vary based on the lender and the details of your loan. The lender should factor in the benefits of the scheme when setting their rates.
To access the scheme, your business must:
- Have a turnover of less than £45 million
- Be carrying out trading activity in the UK
- Be viable (i.e. the lender must consider that the borrower has a viable business proposition)
- Not be considered a business in difficulty, including not being in relevant insolvency proceedings
There are a few other things to be aware of when applying through GGS, including:
- Lenders are required to conduct credit and fraud checks on all GSS applicants; the checks and approaches vary by lender.
- Lenders may accept personal guarantees in line with their normal commercial lending practices, but Principal Private Residences cannot be taken as security within the scheme.
- If a lender can offer finance on normal commercial terms without using the scheme, it may do so.
Some types of businesses are not eligible to access GGS, including:
- Banks, building societies, insurers and reinsurers (excluding insurance brokers)
- Public sector bodies
- State-funded primary and secondary schools
You can apply for the Growth Guarantee Scheme for any legitimate business purpose, for example:
- Managing cash flow
- Buying equipment
- Meeting a one-off cost
- Helping with payroll
- Investing in things like marketing
- Growing your business
You may be asked what the purpose of the loan is as part of the application process.
The Growth Guarantee Scheme is available through any of the British Business Bank’s accredited lenders.
You can apply for a GGS loan with Aurora Capital today. We can help you find the right finance option for your business and support you during the application process.
When applying for a GGS-backed loan, you may need to provide:
- Management accounts
- Three years’ worth of historical accounts
- Details of any assets
- The amount and details of any previous subsidy your business has received
Get your free, no
obligation quote Today!
- Apply in minutes
- FREE, no obligation, personalised quote
- FCA regulated
How much do you want to borrow?
Securing business funding:
How it works
We understand that timing is key when you’re looking to find funding options for your business,so our process is as quick and as streamlined as possible.
1
Apply Online in minutes
We cater to any sized business, so to apply for business funding, we only need you to share basic information about your company. Your application will take a few minutes, and our experts are always happy to assist with any questions you have about specific loan types or alternative finance options.
2
Get Matched in hours
Our LendTech technology will compare our trusted panel of lenders and match you with your most suitable finance option. Each business funding option is different, and we’ll help to make sure you’re fully clued up on the terms and conditions as well as indicative repayment details.
3
Get Funded in days
One of our funding specialists will discuss the available options with you and guide you through the process from application to approval. Once approved, the funds can be deposited in a matter of hours.
Prefer to talk? Call us on 020 3355 7462
4.9/5 based on 100+ by happy customers
Navigate our range of business
funding options to find out more
We understand that timing is key when you’re looking to find funding options for your business, so our process is as quick and as streamlined as possible.
Prefer to talk? Call us on 020 3355 7462
4.9/5 based on 100+ by happy customers
100+ Happy Customers & Counting
Growth Guarantee Scheme: FAQs
If your business is UK-based, viable, not in difficulty, and has a turnover of less than £45 million, you could be eligible for the GGS scheme. Banks, public sector bodies, insurers, and state-funded primary and secondary schools are not eligible.
The maximum amount you can borrow under GGS depends on the type of finance you are looking to get or whether your business is within the Northern Ireland Protocol scope.
- Asset and invoice finance: £1,000 – £2 million for non-NI Protocol borrowers, £1,000 – £1 million for NI Protocol borrowers
- Set-term loans and overdrafts: £25,001 – £2 million for non-NI Protocol borrowers, £25,001 – £1 million for NI Protocol borrowers
After applying for the Growth Guarantee Scheme with Aurora Capital, we can advise you on how much you are eligible to borrow. The GGS gives the lender a government-backed guarantee, but you are liable for the total loan amount.
Depending on your needs, several different types of borrowing options are available, including a term loan, invoice finance, asset finance, and overdrafts.
The interest rate for the previous iteration, the Recovery Loan Scheme, was capped at no more than 14.99% annually. However, this is not the case for the GGS, and the lender will set the interest rate based on your loan requirements.
However, lenders must pass on any benefits from the guarantee to your business after covering their costs. This means GGS-backed loans can come with lower rates compared to other financing options.
Yes, most lenders will carry out relevant credit and security checks on you and your business. Businesses in financial difficulty are exempt from the GGS scheme.
As long as you meet the eligibility criteria and your business is viable and not in difficulty, you should be eligible for the Growth Guarantee Scheme. It doesn’t matter if you’ve been refused credit, even government credit, before.
Yes, but the amount you can borrow includes any outstanding debt you have under any of the previous schemes.
For example, if you have £400,000 left to repay on an RLS loan, you can only borrow a maximum of £1.6 million under the GGS (£600,000 in Northern Ireland).
You can use GGS to refinance existing RLS or CBILS loans. Refinancing will be considered a new application for GGS, meaning you’ll need the eligibility and the lender’s criteria.
If you are rejected for a GGS-backed loan by a lender, you can apply again through other accredited lenders or look at an alternative unsecured business loan lender.
The GGS is set to run until 31 March 2026.
Some lenders may require a personal guarantee as part of the application. This is at the discretion of the lender.
GGS funds can be used for any legitimate business purpose, including managing cash flow, investing, and refinancing existing schemes.
The government guarantee gives lenders a 70% guarantee against the outstanding debt balance. The lender will attempt to recover all of the outstanding debt from the borrower first, and they are always liable for 100% of the amount owed.
Repayment terms vary from lender to lender and depending on the product. Term loans and asset finance can be taken out across a six-year period, whilst overdrafts and invoice finance are available across a three-year period.
Yes, you can access different credit facilities as long as you do not exceed the maximum amount you’re eligible to borrow overall.
