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GROWTH GUARANTEE SCHEME (GGS)

Designed for Small UK Businesses

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From £10,000 to £2million

Government-backed Funding

Available for Term Loans and Asset Finance

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GGS is the Third Iteration of the Recovery Loan Scheme (RLS)

What is the Growth Guarantee Scheme (GGS)?

The Recovery Loan Scheme, which ended in June 2024, was extended and renamed as the Growth Guarantee Scheme, maintaining its terms to ensure stability for lenders and businesses. Approved Finance will offer a 70% guarantee on finance up to £2 million for smaller businesses, aiming to support around 11,000 businesses from July 1, 2024, to March 31, 2026.

The first two phases, designed to aid UK businesses post-Covid-19, provided £4.3 billion in financing, and since August 2022, the third phase has disbursed over £1 billion, with 80% of facilities outside London and over 90% supporting businesses with fewer than 50 employees.

Did you know you can benefit from lower rates compared to government backed schemes like the GGS? Click to Learn more

The information you provide will be used by Approved for the purpose of determining your eligibility and may be used to contact you about your quote. See our full data privacy notice for details on how we process client personal information.

Why was RLS extended and renamed to GGS?

In February 2024, the government designated the year as "the year of the SME," announcing initiatives such as the Help to Grow campaign and a small business council. As part of these efforts, the government extended and rebranded the Recovery Loan Scheme, now running until March 2026 under the name Government Guarantee Scheme. This extension aims to enable an estimated 11,000 smaller businesses to access crucial financing.

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Key Features of the GGS

The Growth Guarantee Scheme (GGS) is a government-backed initiative designed to facilitate access to finance for businesses in the UK, enabling them to invest and foster growth.

Below are the key features of the Growth Guarantee Scheme and how it can benefit your business. Alternatively click the following link to view our quick guide on the GGS.

What are the rates?

 *As with all business loans, the rates for Government-Backed Loans vary based on your own circumstances.

 

Annual flat rates for RLS equipment finance start at 6.59%.

  • Finance available from £10,000 to £2,000,000

  • Available to UK businesses with a turnover up to £45m

  • Principal Private Residences cannot be taken as security

  • 70% of outstanding loan guaranteed by the government

  • Competitive fixed interest rates

  • Funds for any legitimate business use

  • No Covid impact assessment required

  • Previous applicants or recipients of CBILS can apply

  • Up to 6 year terms – giving affordable monthly payments

Am I Eligible for GGS?

All businesses trading in the UK with a turnover up to £45m not currently in insolvency proceedings.

Including those that have previously taken Government-backed facilities (eg. GGS, CBILS, Bounce Back Loan).

Benefit from Lower Rates with Approved

Did you know that Approved Finance Group offers lower-rate finance products like asset finance, refinance, and business loans compared to government-backed schemes? We achieve this through flexible lending criteria, tailored solutions, and due to our extensive 125+ lending panel, helping businesses access affordable funding for growth.

 

Read more by clicking the links below:

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Finance the assets that your business needs to grow whilst managing cash flow and maximising profits.

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Never Miss Another Opportunity Again With Our Flexible Business Loans.

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Unlock valuable working capital against assets that your business already owns.

Partnered

Lenders

125+

Funded For

UK Businesses 

£450M

5-Star

Google Reviews

300

Raised For

Partnered Charity

£110K

How It Works

Discover our streamlined process for securing tailored financial solutions. We keep our business finance options transparent, with no hidden fees or unpleasant surprises. This is business finance made easy. Our no-obligation application won't impact your credit score.

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01

Fast Application In Seconds

Share basic information about you, your business and finance requirements by applying online or calling.

02

Understanding Your Business

A dedicated account manager will discuss your requirements and gather necessary documentation. 

03

Receive Your Free Quote

We'll discover the best deals, handle applications for you, and provide a quote with no obligations.

04

Get Your Funds Fast

Once approved, we'll get funds to your preferred business bank account or pay a supplier on your behalf.

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"Tom and the team at Approved are the real deal! Exceptional service, act fast and get results. So glad I found this company! All super friendly too!"

James Bonny

Approved Insights

Explore previous case studies of successful deals with our valued clients and unlock insights into our proven track record. Access a large selection of product guides and approved articles detailing industry trends, best practices, and innovative finance solutions.

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