The successor scheme to the Recovery Loan Scheme, The Growth Guarantee Scheme (GGS) launched in July 2024 and is designed to support access to finance for UK small businesses as they look to invest and grow.

The Growth Guarantee Scheme aims to improve the terms on offer to borrowers. If Arbuthnot Latham can offer a commercial loan on better terms, they will do so.

Growth Guarantee Scheme-backed facilities are provided at the discretion of Arbuthnot Latham. We are required to undertake our standard credit and fraud checks for all applicants.


Scheme features

Up to £2m facility per business group
The maximum amount of a facility provided under the scheme is generally £2m per business group for borrowers outside the scope of the Northern Ireland Protocol, and up to £1m (or such other sum as notified from time to time by us to the lender in accordance with the relevant legal agreement(s)) per business group for Northern Ireland Protocol borrowers. Minimum facility sizes vary, starting at £25,001 for term loans and overdrafts.

Wide range of products
The Growth Guarantee Scheme supports term loans, overdrafts, asset finance, invoice finance and asset-based lending facilities . Not all lenders will be able to offer all products.

Term length
Term loans and asset finance facilities are available from three months up to six years, with overdrafts, invoice finance and asset-based lending available from three months up to three years.

Access to multiple schemes
Businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or a Recovery Loan Scheme (RLS) facility before 30 June 2024 are not prevented from accessing Growth Guarantee Scheme, but borrowing under these schemes may reduce the maximum amount the borrower is eligible for.

Interest rates and fees charged by Arbuthnot Latham will vary and will depend on the specific lending proposal. Arbuthnot Latham pricing will take into account the benefit of the Government guarantee.

Personal Guarantees
Personal guarantees can be taken at the Arbuthnot Latham discretion, in line with their normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.

Guarantee is to the Arbuthnot Latham: The scheme provides the lender with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt.

Decision-making delegated to the Arbuthnot Latham: Growth Guarantee Scheme-backed facilities are provided at the discretion of Arbuthnot Latham. Arbuthnot Latham and are required to undertake our standard credit and fraud checks for all applicants.

The assistance provided through Growth Guarantee Scheme, like many Government-backed business support activities, is regarded as a subsidy and is deemed to benefit the borrower. There is a limit to the amount of subsidy that may be received by a borrower, and its wider group, over any rolling three-year period. Any previous subsidy may reduce the amount a business can borrow. More information on subsidies is available here.


Eligibility Criteria

Turnover limit*
The scheme is open to smaller businesses with a turnover of up to £45m (on a group basis, where part of a group).

The borrower must be carrying out trading activity in the UK and, for most businesses, generating more than 50% of its income from trading activity.

Viability test
Arbuthnot Latham must consider that the borrower has a viable business proposition.

Credit and fraud checks for all applicants
Arbuthnot Latham will be required to undertake credit and fraud checks for all applicants. The checks and approach may vary between lenders.

Existing Arbuthnot Latham clients have priority to facilities; however new applicants may be considered.

Business in difficulty
The borrower must not be a business in difficulty, including not being in relevant insolvency proceedings.

Subsidy limits
Please note, the following are not eligible under Growth Guarantee Scheme:

  • Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers)
  • Public sector bodies
  • State-funded primary and secondary schools


How to apply

If your business has been impacted and you meet the eligibility criteria, please email one of the contacts below to discuss how we can help you.

You will need to provide certain documents when you apply for a Growth Guarantee-backed facility. These are likely to include:

  • Management accounts
  • A business plan
  • Historic accounts
  • Details of assets
  • Details of previous subsidy awards

Decision-making on whether a business is eligible for the Growth Guarantee Scheme is fully delegated to Arbuthnot Latham by the British Business Bank.

*Arbuthnot Latham typically support clients with a turnover equal to or greater than £1m and/or borrowing requirements equal to or greater than £1m.

If you are a client of Arbuthnot Commercial Asset Based Lending, please visit their page on the Growth Guarantee Scheme (GGS) for more information.

Business Guidance

The British Business Bank’s Business Guidance pages have a range of guidance and resources for businesses, including information on how to manage your cashflow and where to find independent advice.

Working with British Business Bank


Nick Foxworthy
Senior Commercial Banker

+44 (0) 139 2674 721

Angela Niering-Wren
Senior Commercial Banker

+44 (0) 207 012 2836