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Up to £2m facility per business group
The maximum amount of a facility provided under the scheme is generally £2m per business group for borrowers outside the scope of the Northern Ireland Protocol, and up to £1m (or such other sum as notified from time to time by us to the lender in accordance with the relevant legal agreement(s)) per business group for Northern Ireland Protocol borrowers. Minimum facility sizes vary, starting at £1,000 for asset based lending and invoice finance, and £25,001 for term loans and overdrafts.
Term length
Term loans and asset finance facilities are available from three months up to six years, with overdrafts and invoice finance available from three months up to three years.
Personal guarantees
Personal guarantees are taken at our discretion, in line with our normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.
Access to multiple schemes
Businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or a Recovery Loan Scheme (RLS) facility before 30 June 2024 are not prevented from accessing Growth Guarantee Scheme, but borrowing under these schemes may reduce the maximum amount the borrower is eligible for.
Pricing
Interest rates and fees charged by Close Brothers will vary and will depend on the specific lending proposal. Close Brothers pricing will take into account the benefit of the Government guarantee.
Guarantee is to Close Brothers
The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt.
Decision-making delegated to Close Brothers
Growth Guarantee Scheme-backed facilities are provided at the discretion of Close Brothers. We are required to undertake our standard credit and fraud checks for all applicants.
The assistance provided through Growth Guarantee Scheme, like many Government-backed business support activities, is regarded as a subsidy and is deemed to benefit the borrower. There is a limit to the amount of subsidy that may be received by a borrower, and its wider group, over any rolling three-year period. Any previous subsidy may reduce the amount a business can borrow. View more information on subsidies.
Up to £2m facility per business group The maximum amount of a facility provided under the scheme is generally £2m per business group for borrowers outside the scope of the Northern Ireland Protocol, and up to £1m (or such other sum as notified from time to time by us to the lender in accordance with the relevant legal agreement(s)) per business group for Northern Ireland Protocol borrowers. Minimum facility sizes vary, starting at £1,000 for asset based lending and invoice finance, and £25,001 for term loans and overdrafts.
Term length Term loans and asset finance facilities are available from three months up to six years, with overdrafts and invoice finance available from three months up to three years.
Personal guarantees Personal guarantees are taken at our discretion, in line with our normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.
Access to multiple schemes Businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or a Recovery Loan Scheme (RLS) facility before 30 June 2024 are not prevented from accessing Growth Guarantee Scheme, but borrowing under these schemes may reduce the maximum amount the borrower is eligible for.
Pricing Interest rates and fees charged by Close Brothers will vary and will depend on the specific lending proposal. Close Brothers pricing will take into account the benefit of the Government guarantee.
Guarantee is to Close Brothers The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt.
Decision-making delegated to Close Brothers Growth Guarantee Scheme-backed facilities are provided at the discretion of Close Brothers. We are required to undertake our standard credit and fraud checks for all applicants.
The assistance provided through Growth Guarantee Scheme, like many Government-backed business support activities, is regarded as a subsidy and is deemed to benefit the borrower. There is a limit to the amount of subsidy that may be received by a borrower, and its wider group, over any rolling three-year period. Any previous subsidy may reduce the amount a business can borrow. View more information on subsidies.
Who is eligible to apply?
- Turnover limit: The scheme is open to smaller businesses with a turnover of up to £45m (on a group basis, where part of a group).
- UK-based: The borrower must be carrying out trading activity in the UK and, for most businesses, generating more than 50% of its income from trading activity.
- Viability test: Close Brothers must consider that the borrower has a viable business proposition.
- Business in difficulty: The borrower must not be a business in difficulty, including not being in relevant insolvency proceedings.
- Subsidy limits: Borrowers will need to provide written confirmation that receipt of the Growth Guarantee Scheme facility will not mean that the business exceeds the maximum amount of subsidy they are allowed to receive. All borrowers in receipt of a subsidy from a publicly funded programme should be provided with a written statement, confirming the level and type of aid received.
Who is not eligible to apply?
- Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers)
- Public sector bodies
- State-funded primary and secondary schools
Does the government-backed guarantee reduce my liability?
No. The borrower remains fully responsible for repaying the loan. The government-backed guarantee is provided to the lender, not the business.
How does the Growth Guarantee Scheme work?
The Growth Guarantee Scheme helps small and medium-sized businesses (SMEs) access finance to support growth. Businesses can borrow up to £2 million through participating lenders. The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance, which may enable businesses to secure funding where it might otherwise be unavailable.
Is the Growth Guarantee Scheme extended to 2030?
Yes. As part of the 2025 Spending Review, the Growth Guarantee Scheme (GGS) has been extended until 31 March 2030.
Does the government-backed guarantee reduce my liability? No. The borrower remains fully responsible for repaying the loan. The government-backed guarantee is provided to the lender, not the business.
How does the Growth Guarantee Scheme work? The Growth Guarantee Scheme helps small and medium-sized businesses (SMEs) access finance to support growth. Businesses can borrow up to £2 million through participating lenders. The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance, which may enable businesses to secure funding where it might otherwise be unavailable.
Is the Growth Guarantee Scheme extended to 2030? Yes. As part of the 2025 Spending Review, the Growth Guarantee Scheme (GGS) has been extended until 31 March 2030.
Business guidance
The British Business Bank’s Business Guidance pages have a range of guidance and resources for businesses, including information on how to manage your cashflow and where to find independent advice.
