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WSC Finance Blog

Unlock Business Growth with the New Government-Backed Growth Guarantee Scheme

By 9 July 2024No Comments

In a significant move to bolster the financial stability and growth potential of UK-based businesses, the government has recently launched the Growth Guarantee Scheme (GGS). This innovative funding initiative aims to provide vital support to enterprises looking to expand, invest, or simply improve their working capital. Whether you’ve faced challenges in securing financing in the past or are simply exploring better loan options, the GGS offers a promising solution with its flexible terms and competitive rates.

The highlights of the Growth Guarantee Scheme (GGS) are:

  • Government-backed support for your business
  • Loans from £25,000 up to £500,000 (options available for larger facilities)
  • Terms from 3 months to 6 years
  • Rates starting from 6.9%
  • UK-based businesses, including Northern Ireland
  • Businesses with a turnover from £100k up to £45m (we have other options for larger businesses)
  • Still eligible even with existing borrowing under previous schemes: Bounce Back, CBILS and RLS
  • Also available for vehicle & machinery finance, and invoice finance

The Growth Guarantee Scheme is the latest version of the government-backed support for your business, that started with Bounce Back Loans and CBILS during the Covid pandemic. The government provides a 70% guarantee to the lender, which helps them to say “yes” or provide better terms. Personal guarantees may still be required, but if so they’re typically limited to just the 30% not covered by the government.

The GGS is a great option for any business looking to improve its working capital position, even if they haven’t struggled to find funding in the past: It could help you to unlock larger maximum loan sizes, or better terms.

Don’t miss out on this valuable opportunity to secure government-backed funding for your business. Contact WSC Finance today to discuss how the Growth Guarantee Scheme can help you achieve your business goals. Our team of experts is ready to guide you through the application process and ensure you get the best possible terms for your loan. Reach out to us now and take the first step towards a stronger financial future for your business!