The British Business Bank has revealed it has delivered almost £39million to 145 businesses across Northern Ireland under its Growth Guarantee Scheme.
The scheme is designed to support access to finance for UK smaller businesses as they look to invest and grow.
Launched in July 2024, the Growth Guarantee Scheme has a wide range of products supported by a broad variety of accredited lenders, including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
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It can support facility sizes of up to £2m and provides the lender with a 70% government-backed guarantee. The borrower always remains 100% liable for the debt.
Reinald de Monchy, Chief Banking Officer, British Business Bank said: “It is fantastic to see how much lending has been provided to firms under five years old, and the diversity of sectors supported.
“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.”
Chancellor of the Exchequer Rachel Reeves said: “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.
“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”.
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Tina McKenzie, Policy Chair, Federation of Small Businesses (FSB) said: “FSB campaigned for the Growth Guarantee Scheme to be created, and so we’re pleased to see this latest lending record, which shows just how vital the Scheme has been to so many small businesses.
“As the UK’s grassroots business network, we particularly welcome how the funding has been spread right across all the regions and nations, unlocking wealth and job creation in FSB members and others in local communities.
“Small firms will be the engine of future economic growth, so getting them the finance they need is key. The Growth Guarantee Scheme reaches promising businesses which might otherwise not be able to turn their business plan into reality.”
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