British Business Bank hits £2.5bn lending under Growth Guarantee Scheme
The British Business Bank (BBB) has reached £2.5bn of lending under its Growth Guarantee Scheme, which is designed to support access to finance for smaller UK businesses looking to grow.
The BBB said 69 per cent of the lending under the scheme has been outside of London and the South East of England, with over £200m provided in each of the North West, West Midlands, East of England and Yorkshire & The Humber regions.
Read more: British Business Bank supports £6.8bn of SME finance in 2024/25
The Growth Guarantee Scheme launched on 1 July 2024 with a wide range of products supported by a range of lenders, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
The scheme supports facility sizes of up to £2m and it provides the lender with a 70 per cent government-backed guarantee.
Read more: BBB hits £5bn lending through structured guarantee programmes
“The Growth Guarantee Scheme has made a huge impact on our regional economies, helping smaller businesses across the UK to invest and grow, creating jobs and putting more money in people’s pockets,” said Rachel Reeves, chancellor of the exchequer.
“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,” added Reinald de Monchy, chief banking officer at the BBB.
Read more: UK spending review: British Business Bank gets £10.3bn funding boost
