The British Business Bank is reporting £2.5 billion of lending under its Growth Guarantee Scheme. Much of the financing went to firms outside of London.
Overall, the lending has gone to £368 million for manufacturing, over £366 million to wholesale and retail, and over £234 million to the construction sector.
Launched in July 2024, the Growth Guarantee Scheme is designed to support access to finance for UK smaller businesses with up to £2 million in funding. The program provides a 70% government guarantee for the debt while the borrower is lliable for the funds.
Chancellor of the Exchequer Rachel Reeves says the scheme has had a significant impact on regional economies, helping smaller businesses grow and create jobs.
“The British Business Bank’s mission to support the financing needs of smaller businesses is vital to our Plan for Change growth mission which is why we increased its firepower by two-thirds at the Spending Review.”
Reinald de Monchy, Chief Banking Officer, British Business Bank said the milestone reflects the important work done by the over 50 financing partners.