Compare 'Growth Guarantee Scheme' in just a few clicks

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.

Depending on your needs, several different types of borrowing options are available, including a term loan, invoice finance, asset finance, and overdrafts.

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.

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 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.

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.

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.