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Growth Guarantee Scheme
Helping UK SMEs access the funding they need to grow
The Growth Guarantee Scheme (GGS) is a government-backed loan guarantee programme designed to support small and medium sized businesses across the UK that may struggle to access finance via normal routes. It builds on the earlier Recovery Loan Scheme, aiming to broaden access to capital so that businesses with potential can invest, scale and thrive.
One of the first accredited lenders of the scheme, Let’s Do Business Finance began accepting applications in the southeast region from July 2024. The programme has been extended to March 2030.
Key features and benefits
- Government guarantee to lenders — Under GGS, the government backs 70% of the outstanding balance of a loan (after lender recovery efforts); this reduces the lender’s risk and encourages lending to businesses that might otherwise be declined
- Loan size and terms — Through Let’s Do Business Finance, businesses can access loans of between £25,000 and £250,000 under GGS, with loan terms from 3 months to 6 years
- Open to a broad range of businesses — If your business meets the eligibility criteria, GGS may be a good option even when conventional lending is not
- Promotes growth and investment — The goal is to help businesses invest in assets, staffing, innovation or expansion that would otherwise be constrained by funding gaps
Who is eligible?
To qualify for a Growth Guarantee Scheme-backed facility, a business must typically:
- Be UK-based and actively trading
- Pass a viability assessment
- Not be in formal insolvency proceedings
- Stay within subsidy limits (because the guarantee counts as state aid)
In addition:
- The scheme is generally available to SMEs with turnover up to £45 million (on a group basis)
- Some categories of business (e.g. banks, public sector bodies etc) are excluded
- For lenders, the guarantee is only available through accredited lenders — you must work with a GGS-accredited provider