1. UK-Based Businesses
To qualify, your business must be registered and actively operating within the United Kingdom. This scheme is specifically tailored to support UK businesses in reaching their growth goals.
2. Business Size
Small to medium-sized enterprises (SMEs) are the primary focus of this scheme. Typically, eligible businesses have up to 250 employees and an annual turnover of no more than £50 million.
3. Business Purpose
The Growth Guarantee Scheme funds must be allocated to valid business activities. Common uses include:
- Purchasing essential equipment or machinery.
- Investing in new technology to enhance productivity.
- Expanding operations or upgrading premises.
- Managing cashflow challenges effectively.
- Covering short-term obligations, like VAT or Corporation Tax payments.
4. Credit History and Financial Health
Although the scheme aims to assist businesses with limited financing options, lenders will still evaluate your ability to repay the loan. Their assessment typically includes:
- Reviewing your credit history to understand past financial behaviour.
- Analysing your financial records and business plan to ensure repayment feasibility.
5. Industry Limitations
While most industries are eligible, certain sectors may face restrictions. If you’re uncertain about your business’s eligibility, reach out to us for guidance—we’re here to help you navigate the process!
