- Invoice finance productsBackInvoice finance productsCompare across our range of services to find the right invoice finance solution for your business.Find out more
- IndustriesBackIndustriesA diverse range of industries like manufacturing, engineering, recruitment and many others, successfully use our invoice finance solutions.Find out more
- About usBackAbout usWe combine industry expertise with innovative, flexible funding solutions to support firms across the UK. Our range of products can be tailored to meet business' objectives such as improving cash flow or financing strategic events including mergers and acquisitions.Find out more
What is the Growth Guarantee Scheme?
The Growth Guarantee Scheme (GGS) is designed to support access to finance for UK small businesses as they look to invest and grow.
The scheme aims to provide greater certainty over credit risk, enabling Close Brothers to provide finance to more viable smaller businesses that we wouldn’t otherwise consider. If Close Brothers can offer a commercial loan on better terms, we will do so.
Growth Guarantee Scheme backed facilities are provided at our discretion, and we must carry out standard credit and fraud checks for all applicants.
How can I access the scheme through Close Brothers?
If you are an existing Close Brothers customer, please contact your account manager who will be able to explain the application process.
If you are a new customer interested in applying for both an invoice finance and GGS facility, please call us on 0808 149 9318 to speak to one of our funding specialists.
Speak to a Growth Guarantee Scheme specialist
Contact usGrowth Guarantee Scheme features
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. More information on subsidies is available here.
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.
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.
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.
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.
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.
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.
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. More information on subsidies is available here.
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.
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.
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.
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.
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.
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.
Sales Sprint Global
"Ambitious start‑ups like Sales Sprint Global move quickly. Our role is to build funding that moves with them, pairing invoice factoring with the Growth Guarantee Scheme so there’s headroom on day one, and the confidence to take on bigger orders, new accounts and seasonal peaks."
Is my business eligible for a GGS loan?
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
Frequently asked questions
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.
The Growth Guarantee Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business & Trade. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. Visit www.british-business-bank.co.uk/finance-options/debt-finance/growth-guarantee-scheme
