The British Business Bank’s flagship Growth Guarantee Scheme has been running since 2022, providing affordable growth-focused loans to businesses across the UK.
The good news is that the scheme is being extended, with a £6.5bn uplift which will help an estimated 33,000 businesses across the UK’s Nations and regions to secure the finance they need to invest and grow.
Let’s find out more about the Growth Guarantee Scheme and what it offers.
How is the Growth Guarantee Scheme being extended?
The Starmer Labour government announced these changes to the Growth Guarantee Scheme on 13 July 2026. Despite the change of prime minister and a new Cabinet led by Andy Burnham, we believe the specifics of the extension to the scheme will remain broadly the same:
The changes will mean:
- The scheme will scale up to facilitate an additional £2 billion of SME lending per year by 2028/29. This will bring the total SME lending supported through the scheme to £3.35 billion per year, more than double the current £1.35 billion.
- Increasing the maximum term length of a loan from six to 10 years for loans of up to £1.1 million.
- Increasing the maximum size of businesses that are eligible for a loan under the scheme from £45 million in annual turnover to £54 million.
The British Business Bank estimates these changes will support an additional 12,000 businesses per year by 2028/29, a 150% increase on the 8,000 currently being supported, bringing the total to 20,000.
Who’s eligible for the scheme?
To qualify for the Growth Guarantee Scheme, you’ll need to:
- Be a UK trading business
- Have an annual turnover that doesn’t exceed £54 million
- Generate more than 50% of your turnover from trading activity
- Be able to show your business is currently viable
- Show you’re not in difficulty, such as insolvency proceedings.
Working with you to apply for Growth Guarantee Scheme funding
Costs are rising and cashflow is tight. In these tough conditions, accessing sufficient funding is an essential element in bringing your organisation’s growth plans to life.
If you’re keen to expand and need a capital injection, book a call and let’s get together over a cuppa.