Latest news with #ReinalddeMonchy
Yahoo
29-07-2025
- Business
- Yahoo
British Business Bank achieves £2.5bn in Growth Guarantee lending
The British Business Bank has achieved £2.5bn ($3.3bn) in lending through its Growth Guarantee Scheme, a programme designed to enhance access to finance for smaller UK businesses. This scheme has seen 69% of its lending directed to businesses outside London and the southeast, highlighting its broad geographic impact. In particular, more than £200m of lending has been provided in the North West, West Midlands, East of England, and Yorkshire and the Humber regions. The strategy supports a diverse range of industry sectors across the UK, including over £368m for manufacturing, more than £366m for wholesale and retail, and over £234m for the construction sector. Launched on 1 July 2024, the Growth Guarantee Scheme offers a variety of financial products through accredited lenders, such as term loans, overdrafts, asset finance, invoice finance, and asset-based lending. The initiative can back facility sizes of up to £2m, providing lenders with a 70% government-backed guarantee, while borrowers remain 100% liable for the debt. British Business Bank chief banking officer Reinald de Monchy said: 'This milestone is a demonstration of the important work done by the 50+ 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.' A new agreement was recently signed between the British Business Bank and Rural Asset Finance, aiming to unlock around £120m in funding for smaller rural and agricultural businesses across the UK. The facility is supported by funding from NatWest Bank and BCI Capital, with the British Business Bank guaranteeing a portion of NatWest's contribution. The agreement also features sustainability-linked incentives that may reduce borrowing costs if environmental performance targets are met. "British Business Bank achieves £2.5bn in Growth Guarantee lending" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Herald Scotland
29-07-2025
- Business
- The Herald Scotland
Scottish companies attract 5% of lending from UK scheme
The British Business Bank said that 69% of this lending has been delivered to businesses outside London and south-east England. 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'. Read more 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.'
Yahoo
14-04-2025
- Business
- Yahoo
US tariffs prompt BBB to expand Growth Guarantee Scheme
The Chancellor has announced an additional £500 million in lending capacity under the Growth Guarantee Scheme (GGS) to support smaller UK businesses dealing with cashflow difficulties linked to recent changes in global tariff rates. Delivered through the British Business Bank (BBB) and around 50 accredited lenders, the scheme has already enabled £2.1 billion in finance via 13,447 facilities. The new funding will be channelled into term loans, overdrafts and similar financial products to support smaller businesses affected by global trade disruptions. The scheme offers facilities of up to £2 million per business group for firms outside the scope of the Northern Ireland Protocol, and up to £1 million for businesses within it. Each facility is backed by a 70% government guarantee, though borrowers remain fully liable for the debt. Businesses must demonstrate they can afford the additional finance, which can be used for a range of purposes including working capital and cashflow management. Lenders retain discretion over loan approvals and will apply their usual credit and fraud checks. Interest rates and fees will vary based on the specific terms offered by each lender and will reflect the benefit of the government-backed guarantee. Reinald de Monchy, Co-Chief Banking Officer at the British Business Bank, stated that the scheme has historically supported smaller firms during periods of economic uncertainty and that the new funding would help maintain access to finance at a time of global market disruption. The additional capacity follows the Autumn Budget 2024, in which the government confirmed more than £1 billion in funding for the British Business Bank's initiatives through 2025/26. This included continued support for Start Up Loans, the ENABLE Build programme for smaller housebuilders, and equity programmes targeted at high-growth sectors such as life sciences. Information about accredited lenders is available on the British Business Bank website. Businesses are encouraged to first contact their current finance provider or explore alternative lenders if necessary. "US tariffs prompt BBB to expand Growth Guarantee Scheme" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
