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Growth Guarantee Scheme (GGS)

Growth with the Growth Guarantee Scheme (GGS): Government-Backed Business Loans

The Growth Guarantee Scheme (GGS) is an innovative extension of the Recovery Loan Scheme (RLS), designed to support small and medium-sized enterprises (SMEs) by offering a 70% government-backed guarantee. This scheme replaces earlier programs such as CBILS and Bounce Back Loans, providing enhanced financial opportunities for businesses.

Key Benefits of GGS Loans

  • Government-Backed Guarantee: Enjoy a substantial 70% government guarantee, making it easier for lenders to finance your business.
  • Protect Your Home: Your Principal Private Residence (main family home) cannot be used as collateral, safeguarding your personal assets.
  • Flexible Loan Amounts: Borrow from £10,000 to £2,000,000 to cover essential costs or fund new projects.
  • Competitive Fixed Interest Rates: Benefit from fixed interest rates that help you manage your budget more effectively.
  • Versatile Use of Funds: Use the loan for any legitimate business purpose, offering you flexibility to address various business needs.
  • Previous Scheme Eligibility: If you’ve previously applied for CBILS, Bounce Back Loans, or RLS, you are eligible to apply for GGS loans.
  • Extended Repayment Terms: Repayment terms of up to 6 years provide ample time for managing your financial commitments.
  • Broad Eligibility Criteria: Available to SMEs with a turnover of up to £45 million, making it accessible to a wide range of businesses.

Eligibility for the Growth Guarantee Scheme (GGS)

To be eligible for the Growth Guarantee Scheme (GGS), your business must:

  • Operate in the UK.
  • Earn over 50% of turnover from trading activities.
  • Have a turnover of up to £45 million per year.
  • Not be in insolvency proceedings.
  • Not be a bank, insurer, public sector body, state-funded school, or an individual (unless a sole trader or a partner in a partnership).
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Disclaimer : Whizz Funding helps UK based businesses access business finance by working directly with businesses and their appointed representative. We are a broker and do not provide finance or loans ourselves. Quotes are subject to verifying applicant's circumstances and creditworthiness

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