News
Growth Guarantee Scheme launched to help 11,000 smaller businesses in the UK
The British Business Bank has released details about the new Growth Guarantee Scheme which will support around 11,000 UK small businesses over the next two years.
By Catherine Heinen, FCCAThe Growth Guarantee Scheme, which replaces the Recovery Loan Scheme, supports smaller businesses by strengthening their access to finance so they can grow. It aims to improve the terms on offer to smaller businesses.
For businesses in the UK, external finance support and investment is essential in funding expansion, growth and business change and diversity.
The wide range of finance available to smaller businesses through the Growth Guarantee Scheme includes loans, overdrafts, invoice financing and asset finance. The scheme has around 40 accredited lenders, of which 20 are open for applications with the others opening their applications in the coming weeks.
The interest rates and lender fees will vary but will take into account the 70% Government-backed Guarantee which may make them favourable.
Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions, British Business Bank, said the Growth Guarantee Scheme “will allow lenders to offer more finance to their customers… generating more sustainable growth across the UK and provide a springboard to many smaller businesses to scale up or stay ahead”.
Date published 15 Jul 2024
Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.
See how TaxAssist Accountants can help you with a free, no obligation consultation