As of June 2024, the Recovery Loan Scheme (RLS) has been rebranded and reworked; it’s now called the Growth Guarantee Scheme (GGS).
A lot of the details for the GGS are similar to the RLS, but here’s what you need to know about the Growth Guarantee Scheme in 2025.
Note: This article came courtesy of Ross Bramble at Crunch, but has been updated in 2024/2025.
It took time for the economy to slowly reawaken after the shock of multiple lockdowns, with new challenges emerging. The financial cost of living crisis has impacted both businesses and customers alike and so support schemes have adapted, too.
Fortunately, support is still available to help businesses — particularly small business owners.
Packages like the Recovery Loan Scheme were a vital lifeline for businesses across the UK. The readjusted GGS scheme, which launched in 2024, aims to continue offering much needed support.
Below, find out how you can apply for the latest version of the COVID-19 Recovery Loan Scheme. We’ll look at what the Growth Guarantee Scheme is and who can apply. We’ll help you gauge your business’ eligibility and identify how you might go about making a claim.
What is the Growth Guarantee Scheme and is it Different to RLS?
The Recovery Loan Scheme was launched on 6th April 2021 to support small businesses as they recovered from the financial impact of the pandemic.
Loans were available through a network of accredited commercial lenders and administered by the British Business Bank. The same is true for The Growth Guarantee Scheme, successor to the RLS, which launched with accredited lenders on the 1st July 2024.
The government has a 70% guarantee (down from RLS’ 80% guarantee) for all loans taken out through the GGS scheme, and the interest rates will vary from lender to lender.
The actual amount offered and the terms is also determined by participating lenders. Those lenders include:
Additional lenders can be found via the British Business Bank’s current accredited lenders page.
Who Can Apply for the Growth Guarantee Scheme?
A range of businesses can make a claim, so long as they meet the following criteria:
- Are based in the UK
- Open to smaller businesses with turnover up to £45 million.
- Undergo a viability test “but may disregard any concerns over its short-to-medium term business performance due to the uncertainty and impact of Covid-19” (BBS)
- Can afford to repay the loan within six years.
- Is not in collective insolvency proceedings or in financial difficulty.
The GGS can be claimed alongside previous COVID support schemes, such as the RLS, Coronavirus Business Interruption Loan Scheme (CBILS) or the Bounce Back Loan Scheme (BBLS).
How Much Can I Claim on GGS?
Under the COVID-19 Recovery Loan Scheme, businesses were able to secure:
- A fixed-term loan or overdraft of between £25,000 and £10 million per business
- Invoice or asset financing of between £1,000 and £10 million per business.
For GGS, the maximum amount is £2 millions per business group. For busineses within the Northern Ireland Protocol, the maximum loan is £1 million. GGS supports loans, overdrafts, finance, and asset-based lending facilities.
The maximum length of the loan will be stated by the lender, but typically is between 3 months and up 6 years. Conversely, overdrafts, invoice finance and asset based lending are available from 3 months to 3 years.
In either case, it’s important to remember that although the loan comes with a government-backed guarantee, the borrower is 100% liable for the debt and its repayments.
How Do I Apply for the Growth Guarantee Scheme?
To apply for the GGS, you’ll need to go directly to one of the lenders we mentioned earlier (links have been updated).
You may find it easier to access a loan through the institution your business banks with, but you can also approach any lender, regardless of whether your own bank is participating in the scheme.
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