Government backed financing for UK SME’s

What can I use it for?

The successor scheme to the Recovery Loan Scheme, The Growth Guarantee Scheme (GGS) launched in July 2024 and is designed to support access to finance for UK small businesses as they look to invest and grow.

The Growth Guarantee Scheme aims to improve the terms on offer to borrowers. If Shire Leasing can offer a commercial finance solution on better terms, we will do so.

Growth Guarantee Scheme-backed facilities are provided at the discretion of Shire Leasing. We are required to undertake our standard credit checks for all applicants.

Our offering through the Growth Guarantee Scheme

Shire Leasing PLC is accredited to deliver the Growth Guarantee Scheme (GGS) via the British Business Bank, enabling us to support eligible businesses with Asset Finance (including Sale and Leaseback/Sale and HP Back) and Loans over 2 to 5 year payment terms.

Asset Finance

£15,000

minimum value

£250,000

maximum value

2-5 year

payment terms

Term loans

£25,001

minimum value

£100,000

maximum value

2-5 year

payment terms

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 (organisation) will vary and will depend on the specific lending proposal. (organisation) pricing will take into account the benefit of the Government guarantee;

Personal Guarantees

Personal guarantees can be taken at the (organisation) discretion, in line with their normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme;

Guarantee is to the (organisation)

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 the (organisation)

Growth Guarantee Scheme-backed facilities are provided at the discretion of (organisation). (organisation) and 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