In turn, the reduced risk to borrowers whereby a principal private residence cannot be taken as security, may encourage businesses to embark on new ventures. By minimising risk, the scheme fosters a conducive environment for SME growth and innovation. The scheme contributes to job creation, economic development, and overall prosperity by facilitating growth initiatives. Whether investing in new equipment, expanding their product lines, or entering new markets, the Growth Guarantee Scheme provides the financial support needed to turn ambitious plans into reality.

Getting help from the government

SBA 504 loans, for example, require a down payment of 10% or more. Depending on the loan and your business’s qualifications, you may also need to put up physical collateral or offer a down payment. ❗If you need capital quickly, you’ll want to consider a faster small-business loan alternative.

• Once you’re approved for an SBA loan, your lender is responsible for closing the loan and disbursing the funds.
• Keep in the loop with business tips and news Finance products and the UK economy
• Plus, the SBA loan application process is detailed and requires extensive documentation.

Expected Benefits for SMEs: Increased Access to Finance and Support for Growth

Lenders must adhere to the terms of the scheme but may add their own criteria when assessing a business’s suitability for this or other finance products. The Growth Guarantee Scheme is expected to be available from 1st July 2024 until 31st March 2026, providing SMEs with an extended period to access finance and support their growth initiatives. By supporting SMEs in accessing finance and facilitating their growth initiatives, the Growth Guarantee Scheme promotes long-term sustainability within the SME sector. However, a lender may require you to sign a personal guarantee, which does obligate a borrower to satisfy the value of the guarantee, but provides more options through which to do so.

Depending on your lender and the type of SBA loan you apply for, it can take one to three months to receive funds. 7(a) loans, for example, offer a maximum loan amount of $5 million APRs can vary substantially between SBA lenders and non-SBA lenders. Working capital for manufacturing businesses.

Gingerbread House

Workhaus – Discover flexible workspace solutions for your business needs. This type of financing offers up to $500,000, with the SBA guaranteeing a maximum of 50%. If you’re short on time, you might opt for the SBA Express loan, which typically funds faster than other options. With a bank, the entire process — from approval to funding — can take from 30 days to a couple of months. Banks will follow SBA guidelines but use their own underwriting criteria to evaluate loan applications.

Find out about government trade finance and insurance solutions If you’re a UK-based company who wants to grow your business overseas, UK Trade and Investment staff provide expert advice and practical support. For business support outside of England, visit the following websites for Scotland, Wales and Northern Ireland There’s a world of government support, advice and inspiration out there – but it can be difficult to know where to look.

There are several government small-business loan options available, each with its own terms and conditions. This guarantee makes you personally responsible for repayment if your business cannot make the payments. You apply for an SBA loan through a lending institution like a bank or credit union. Here’s an overview of how SBA loans work, the types available, what each can be used for and how to get SBA financing for your small business.

The best SBA loan for you will depend on what you plan to use the funding for. You repay the lender directly, usually on a monthly basis. Once we uncover your personalized matches, our team will consult you on the process moving forward.

• Here’s an overview of how SBA loans work, the types available, what each can be used for and how to get SBA financing for your small business.
• If you’re a UK-based company who wants to grow your business overseas, UK Trade and Investment staff provide expert advice and practical support.
• The Growth Guarantee Scheme heralds promising prospects for small and medium-sized enterprises (SMEs) across the UK, offering a host of anticipated benefits to facilitate their growth and sustainability.
• Depending on your lender and the type of SBA loan you apply for, it can take one to three months to receive funds.
• Here’s a summary of the most common types of SBA loans.

Introduction to the Canada Small Business Financing Program (CSBFP)

Use a tool to find relevant support and government-backed finance Visit the government business support site The Growth Guarantee Scheme (GGS) is a Government backed initiative designed to support eligible UK businesses to invest and grow.

Prior to joining NerdWallet in 2020, Randa worked as a writer at Fundera, covering a wide variety of small-business topics and specializing in the lending and banking spaces. Through a range of unique services, they can help you trade successfully in foreign markets and become familiar with overseas business practices. The GGS scheme will be available until 31st March 2026.

Find out more about finance options for new businesses At Portman, we’ve seen businesses struggling to make the most out of their operations, managing finances, and keeping up with the latest technology. Brokers can then work with one or more lenders in order to introduce their customers to the scheme and provide options they feel are most appropriate for their customers.

If you’re applying through a traditional bank, it helps to work with one that has a track record of processing SBA loans. Lenders may ask that other business owners provide a limited or unlimited personal guarantee as well. Typically, you’ll need several years in business, strong business finances and a good credit score to qualify. Although the amount of funding you receive will vary based on the type of SBA loan and your business’s qualifications, SBA loans generally offer large loan maximums.

Learn more about getting an SBA loan:

By offering government-backed guarantees, the scheme encourages lenders to provide financing to a wider range of businesses, including those with limited collateral or credit history. Although the government guarantee reduces the risk that lenders face when issuing loans to small businesses, you’ll still need to meet strict eligibility criteria. SBA loans are small-business loans offered by banks and online lenders and partly guaranteed by the government. The scheme provides a 70% government guarantee to participating lenders on loans up to £2 million in Great Britain and £1 million in Northern Ireland. Both the government guarantee and the personal guarantee reduce the risk for lenders, making them more willing to work with small businesses.

Find out more about Business Finance Guide

For loan or asset finance enquiries please use our enquiry form instead. In general, SBA loans are easier to qualify for than SBA Express loans are capped at $500,000, and SBA microloans provide up to $50,000. CDC/504 loans typically also provide up to $5 million (but may go up to $5.5 million for select projects). It is a federal agency dedicated to helping small businesses in the U.S. The time it takes to get approved for an SBA loan will depend on the lender you choose.

General Banking Queries

These loans have strict lending standards, but if you qualify, an SBA loan’s flexible terms and low interest rates can make it one of the best small-business loans. Small Business Administration and issued by participating lenders, usually banks. Rosalie Murphy has covered small-business banking, credit cards, insurance and lending at NerdWallet since 2021. Access a wealth of support, advice and inspiration for your business

This government-backed program builds upon the success of the RLS. Degree and Post-Grad qualified with 23 years business-to-business experience, Saul is a well-rounded senior professional. The Growth Guarantee Scheme (GGS), announced in the Spring 2024 Budget by the Chancellor of the Exchequer, marks a significant milestone in the UK Government’s efforts to continue supporting small and medium-sized enterprises (SMEs). Working wth startups to start and grow their business, Join us! TorontoStarts has been supporting founders since 2015. Connect your apps, databases, and business tools effortlessly with flowgrammer.ca‘s integration services.

This government-funded scheme provides advice, business loans and mentoring to start-up businesses. Portman Finance Group, a leading government-backed finance broker, can help businesses find suitable lenders and navigate the application process. This guarantee provides added security to lenders, aiming to increase loan availability for SMEs, expected to benefit over 11,000 businesses by pinup aviator March 2026. Businesses meeting the eligibility criteria should approach Portman who, as an independent broker, can access multiple sources of finance to find the best option for your business including securing loans under this new scheme. At its core, the Growth Guarantee Scheme is a business loan aiming to facilitate increased access to finance for SMEs, thereby supporting their growth and sustainability.

The average loan amount is £6,000 with a typical repayment term of 1 to 5 years. If you’re looking for different ways to raise funds for your start-up, you may be considering equity finance or debt finance. Want to find ways to grow your business? Keep in the loop with business tips and news Finance products and the UK economy Network and build your personal brand. Once you’ve assessed your opportunity, decided to scale and prepared your business to scale up.

SBA loan applications can vary based on loan type, but your lender should be able to help you prepare your paperwork. Preferred Lenders can make final credit decisions on loan applications without sending them to the SBA, expediting the underwriting process. Northeast Bank, a community bank based in Maine, was the most active 7(a) lender by number of approvals this fiscal year For example, Live Oak Bank, a fully digital bank, was the most active SBA 7(a) lender in the United States by lending volume in the 2025 fiscal year. The SBA offers a convenient Lender Match tool to match potential borrowers with lenders within two days. These loans offer up to $50,000 in funding with competitive rates and terms.

By extending and rebranding the RLS, the Growth Guarantee Scheme ensures continuity and consistency for both lenders and the business community. This guarantee helps mitigate the risk for lenders, encouraging them to lend to SMEs that may not meet traditional lending criteria. You’ve joined 36,784businesses who have worked with us ontheir finance needs within the last 12 months It does so through counseling, access to government contracts and loans and other resources.