Scheme to help small West Midlands businesses
The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses in West Midlands access the finance they need to invest and grow.
It is the successor to the Recovery Loan Scheme and is designed to support access to finance for UK smaller businesses as they look to invest and grow and is expected to support around 11,000 smaller businesses by the end of March 2026.
The British Business Bank has so far accredited 41 lenders for the Growth Guarantee Scheme. Following their accreditation, each lender needs to put in place the operations required to start lending under the scheme, and they will be listed on the British Business Bank website once they are ready to start receiving applications. 20 lenders have so far confirmed they are open for applications. Further lenders are going through the accreditation process and will be accredited over the coming weeks.
These lenders will provide a wide range of finance types to smaller businesses, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
The terms of the scheme are intended to remain broadly unchanged from its predecessor, the Recovery Loan Scheme, enabling continuity and consistency for lenders and the business community.
Terms include up to £2 million per business group.
Reinald de Monchy, managing director, guarantee and wholesale solutions at British Business Bank, said: “We’re excited to launch the Growth Guarantee Scheme, which will allow lenders to offer more finance to their customers. This will help to generate more sustainable growth across the UK and provide a springboard to many smaller businesses to scale up or stay ahead.”
Further information on the Growth Guarantee Scheme, including the current list of accredited lenders, is available on the British Business Bank website.
