Government Growth Scheme

Government backed loan scheme designed to support access to finance for UK businesses looking to invest and grow

Government Growth Scheme

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.

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

Growth Guarantee Scheme Features are the guidelines that all lenders work within but not all will be offered by Newable Commerce.

Growth Guarantee Scheme Features:

Up to £0.5m per company or £2m per business group: The maximum amount of a facility provided under the scheme is generally up to £0.5m per business for borrowers outside the scope of the Northern Ireland Protocol. Minimum facility starts at £50,000.

Wide range of products: Growth Guarantee Scheme supports our Growth Loans.

Term length: Growth loans are available from three months up to three years.

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 us will vary and will depend on the specific lending proposal. Our pricing will take into account the benefit of the Government guarantee.

Personal Guarantees: Personal guarantees will be taken by Newable Commerce discretion, in line with their normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme;

The Government Guarantee is to Newable Commerce: 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 is delegated to Newable Commerce: Growth Guarantee Scheme-backed facilities are provided at the discretion of Newable Commerce. Newable Commerce are required to undertake our standard credit assessment 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.

Quick application and decision
Pricing from 1.4% per month
Terms of up to 36 months
Up to £300,000
Unsecured options available
No early repayment fee

Eligibility Restrictions

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: Newable Commerce 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.

Please note, the following are not eligible under Growth Guarantee Scheme:

  • Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers)
  • Public sector bodies
  • State-funded primary and secondary schools.

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.

Legal notice

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.


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Aceon Group


“I had to borrow money very quickly to buy stock in Germany, or the opportunity would be gone,” he says. “I needed £100,000 within seven days, so I approached UK Export Finance, and after some initial discussions, they put me in touch with Newable Business Loans Limited.” It was a very slick and easy process. I’d recommend it to other SMEs.”

Copeland Distillery


“We’ve definitely had our struggles and our challenges,” says Irvine. “That’s where UK Export Finance came in, to support that hard growth stage we were faced with.” “They set up a General Export Facility which allowed us to purchase US stock among other things,” he says.

Giffard Newton and Sons

Managing Director

“They’ve also been very supportive in entering new markets. And even if it’s a market such as, for example, Iraq, which is a very difficult one for them to support from credit terms, they have put together alternative ways that they can support us.”