Business Loan Eligibility

• Under the Growth Guarantee Scheme from the British Business Bank, businesses can secure finance up to £2M. Let's Do Business Finance is able to provide finance to businesses eligible through the Growth Guarantee Scheme from £25,001 to £250k.

• The scheme is open to businesses with a turnover of up to £45m

• Terms from 3 Months to 6 Years

• Wide range of products: Growth Guarantee Scheme supports term loans, overdrafts, asset based lending and invoice finance facilities. Let's Do Business Finance only provides term loans.

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

• Pricing: Interest rates and fees charged by Let's Do Business Finance will vary and will depend on the specific lending proposal. Let's Do Business Finance pricing will take into account the benefit of the Government guarantee and a fee that is charged to the lender for the guarantee;

• Personal Guarantees: Personal guarantees can be taken at the discretion of Let's Do Business Finance, in line with our normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme.

• Guarantee is to the Let's Do Business Finance: The scheme provides Let's Do Business Finance 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 Let's Do Business Finance: Growth Guarantee Scheme-backed facilities are provided at the discretion of Let's Do Business Finance. Let's Do Business Finance 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.

Funds under the Growth Guarantee Scheme cannot be used to support certain export-related activities. There are certain restrictions on the use of proceeds of facilities in the agriculture, fisheries, and road freight transport sectors for borrowers impacted by the Northern Ireland Protocol.

Eligibility requirements for the Growth Guarantee Scheme are very similar to the requirements stated for our Business Loans further up this page, with the additional restrictions of:

• 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); 

• Non UK-based borrowers: 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: Let's Do Business Finance must consider that the borrower has a viable business proposition; 

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

• Subsidy limits: Borrowers will need to provide written confirmation that receipt of the Growth Guarantee Scheme facility will not mean that the business exceeds the maximum amount of subsidy they are allowed to receive. All borrowers in receipt of a subsidy from a publicly funded programme should be provided with a written statement, confirming the level and type of aid received. 

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

• The following trades and organisations are not eligible to apply: Banks, Building Societies, Insurers and Re-insurers (but not insurance brokers); the public sector including state-funded primary and secondary schools, as well as certain business activities in mining and quarrying.

To apply for business finance under the Growth Guarantee Scheme, you would apply just like you would for our Business Loans - the application process is the same. Once we have received your application, our team will assess your eligibility and suitability for both types of finance, and we will match you with the product that is best suited to you.

Decision-making on whether a business is eligible for Growth Guarantee Scheme is fully delegated to the British Business Bank’s accredited lenders.

The Growth Guarantee Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business & Trade. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit www.british-business-bank.co.uk/finance-options/debt-finance/growth-guarantee-scheme 

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.