Current scheme rules versus announced changes
The British Business Bank page checked on 20 October 2026 says the scheme remains operational under its existing terms. Those published terms include a group turnover limit of £45 million and terms up to six years for term loans and asset finance.
The same page announces plans for a higher £54 million turnover limit and greater flexibility for terms up to ten years. Do not treat an announcement as confirmation that an individual lender is already offering the new terms. Ask an accredited lender which version applies to your application.
How much funding can GGS support?
The published scheme generally supports up to £2 million per business group outside the relevant Northern Ireland Protocol/Windsor Framework scope, and up to £1 million for borrowers within scope, subject to the scheme’s conditions, subsidy limits and any lower sector caps.
Minimum facilities start at £25,001 for term loans and overdrafts, and £1,000 for asset finance, invoice finance and asset-based lending. The headline maximum is a scheme ceiling, not an affordability assessment or an amount every accredited lender will offer.
What the 70% guarantee actually means
The scheme provides a 70% government-backed guarantee to the lender against the outstanding balance after its normal recovery process. The borrower remains 100% liable. It does not mean the government pays 70% of a borrower’s instalments or that only 30% needs to be repaid.
Personal guarantees can be required at the lender’s discretion. The scheme states that principal private residences cannot be taken as security within it. Other security and guarantee terms still need careful review; a government-backed facility is not risk-free borrowing.
Eligibility and the lender’s own credit decision
The scheme is aimed at eligible UK smaller businesses. Published checks include turnover, trading activity, viability, financial circumstances and subsidy allowances. Group structures and earlier supported borrowing can affect headroom. Read the complete criteria and exceptions rather than relying on turnover alone.
A lender also needs to be satisfied that the facility can be repaid and is appropriate for its purpose. Prepare current accounts, bank statements, existing debt and a forecast. The scheme guarantee does not override the lender’s underwriting or guarantee a favourable rate.
Rates and fees are not set at one government price
Accredited lenders set their interest rates and fees for the proposal. The guarantee benefit and the lender’s scheme fee are reflected in pricing under the scheme rules, but this does not create a single fixed borrower rate.
Compare the total repayable, net funds, schedule, security and early repayment terms with ordinary commercial finance. The British Business Bank states that a lender should offer a commercial facility on better terms where it can. Government backing alone is not a reason to choose a more expensive offer.
Apply through an accredited lender
Use the British Business Bank’s current accredited-lender list to find lenders supporting the relevant type of facility. A lender may support only some products or sectors. Check whether a proposed loan is actually under GGS rather than assuming every loan from an accredited provider qualifies.
Shareholder is not presenting itself as an accredited GGS lender, and its general finance enquiry is not a scheme application. Use the official lender list linked on this page for the scheme route. Keep a record of any earlier subsidies and support when discussing eligibility.
A few things worth knowing
Common questions
Does GGS remove the need for a personal guarantee?
No. The published rules allow personal guarantees at the lender’s discretion. Principal private residences cannot be taken as scheme security, but the full agreement and guarantee obligations still matter.
Is the Growth Guarantee Scheme a grant?
No. The borrowing must be repaid. The government guarantee is to the lender, while the borrower remains 100% liable.
Can I get a £10,000 GGS term loan?
The published minimum for GGS term loans and overdrafts is £25,001. Different scheme products, including asset and invoice finance, have lower minimum facility sizes, but must meet their own terms.
Are the announced ten-year terms already available everywhere?
Do not assume so. At the source check on 20 October 2026, the British Business Bank page announced the expansion while saying existing terms remain operational. Confirm implementation and the applicable terms with an accredited lender.