Did you know there is a government scheme that has put nearly £3 billion into UK businesses since 2024? It covers term loans, asset finance, invoice finance and more - up to £2 million per business.
Phoenix Commercial Finance is a trusted Growth Guarantee Scheme (GGS) broker and help you access it quickly through one conversation. We work with over 70 GGS-accredited lenders and handle the whole process for you from first enquiry to funds in your account.
If you would like to speak to one of our experts about accessing the Growth Guarantee Scheme, send us a message on WhatsApp or fill in our no-obligation enquiry form - our team is happy to help.
The Growth Guarantee Scheme (GGS) is a UK government initiative, managed by the British Business Bank to help smaller businesses access finance they would struggle to secure through more conventional routes.
It works by giving participating lenders a 70% government guarantee on eligible loans, reducing their risk and making them more likely to say yes. The guarantee is for the lender, not you – you are still fully liable for the debt. But that backing can be the difference between getting funded and getting turned away.
The scheme runs until 31 March 2030, so there's no rush but if growth is on your agenda, there is no reason to wait either.
The Growth Guarantee Scheme covers a broad range of finance types, so there's likely an option that fits:
Term loans: borrow a fixed amount and repay over an agreed period
Overdrafts: flexible access for when your cashflow needs a buffer
Asset finance: fund equipment, vehicles or machinery without draining working capital
Invoice finance: access cash tied up in unpaid invoices to keep cashflow moving
Asset-based lending: borrow against the value of existing business assets
Loans typically range from £10,000 up to £2 million, with terms up to 6 years for loans and asset finance, and up to 3 years for overdrafts and invoice finance. Please note, your home cannot be used as security within the scheme.
To qualify for the Growth Guarantee Scheme, you will need to meet the following criteria:
If you have previously taken out a Bounce Back Loan, CBILS or Recovery Loan, you can still apply for GGS but the amount you can borrow may be reduced depending on what you have already received.
Funds can be used for almost anything that is a legitimate business purpose. Common uses include covering wages or supplier payments, investing in equipment or premises, managing cashflow gaps, funding expansion into new markets, handling the impact of supply chain disruption or rising costs, and bridging periods of slower revenue.
The government guarantee gives lenders more confidence to back businesses they would normally decline or offer less favourable terms to.
Your home cannot be taken as security under the scheme, and with five different finance types available, you are not pushed into a one-size-fits-all loan.
Funding ranges from £50,000 up to £2 million, so it scales with what your business needs and with the scheme extended until 2030, there's no deadline pressure (though the sooner you access it, the sooner your business benefits).
Share some basics about your business, turnover, trading history and funding goals.
As a GGS broker with access to over 70 accredited lenders, we compare options and shortlist the best fit for your situation.
We approach lenders, negotiate the very best terms and manage the entire application process on your behalf.
Once approved, your finance is set up and you can access your funds.
Going direct to a lender means approaching them one at a time, with no guarantee they will offer your business the right product or that their terms are competitive.
We know what each accredited lender looks for, which facilities they prefer, and how to present your case in the strongest possible light. As an experienced Growth Guarantee Scheme broker, our job is to make sure the finance you end up with works for your business.
Yes. Businesses can apply for GGS-backed finance directly through an accredited lender or via a broker. Using a broker gives you access to multiple lenders through a single enquiry, which saves time and improves your chances of finding the right funding at competitive terms.
The Bounce Back Loan Scheme was a pandemic-era emergency measure with a 100% government guarantee, a fixed 2.5% interest rate and minimal checks. The GGS is a permanent, commercially underwritten scheme with a 70% lender guarantee, normal credit checks, and a much broader range of finance types available. The borrower remains fully liable under both.
Possibly. Each application is assessed individually by the lender, so a previous decline does not automatically rule you out. Different lenders also have different appetites, which is another reason working with a broker can help, as we can match you to lenders most likely to support your situation.
This depends on the lender. Some carry out soft searches initially, while others run a full credit check as part of their standard assessment process. We will always be upfront about what to expect before any application is submitted so there are no surprises.
In most cases, yes. Previous CBILS, BBLS or Recovery Loan Scheme borrowing doesn't automatically disqualify you, but it may reduce the maximum facility size available to you.