Scottish companies attract 5% of lending from UK scheme
It added that the scheme has supported a 'wide range of industry sectors' across the UK, declaring: 'This includes over £368m for manufacturing, over £366m to wholesale and retail, and over £234m to the construction sector.'
The growth guarantee scheme is designed to support access to finance for UK smaller businesses as they look to invest and grow, the British Business Bank observed.
It added that the scheme launched on July 1, 2024, 'with a wide range of products supported by a broad variety of accredited lenders, including term loans, overdrafts, asset finance, invoice finance and asset-based lending'.
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The growth guarantee scheme can support facility sizes of up to £2m and provides the lender with a 70% government-backed guarantee. The borrower always remains 100% liable for the debt, the British Business Bank noted.
Gareth Thomas, UK minister for small business, said: 'As part of our plan for change we are committed to breaking down the barriers SMEs (small and medium-sized enterprises) face when starting and scaling up, to create jobs and further boost the economy.
'This is an important milestone for the growth guarantee scheme, which plays a key role in helping us achieve this by providing vital access to finance for smaller businesses right across the UK.'
Reinald de Monchy, chief banking officer at the British Business Bank, said: 'This milestone is a demonstration of the important work done by the 50-plus delivery partners who have signed up to the growth guarantee scheme since its launch in July 2024. In particular, it is fantastic to see how much lending has been provided to firms under five years old, and the diversity of sectors supported.
'The Government's recent Spending Review will provide the scheme with funding until March 2030, and we are excited to see the additional impact it can generate for smaller businesses across the UK.'
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