Shire Leasing has been accredited to deliver the new government-backed Growth Guarantee Scheme (GGS) through the British Business Bank (BBB).
Launched on 1st July 2024, the GGS is the successor to the Recovery Loan Scheme and aims to enhance access to finance for UK small businesses looking to invest and grow.
Go deeper with GlobalData
The Growth Guarantee Scheme is designed to offer borrowers improved terms. If lenders can provide a commercial finance solution on better terms, they are expected to do so.
Through this accreditation, Shire Leasing can offer asset finance solutions, including Sale and Leaseback/Sale and Hire Purchase Back, ranging from £15,000 to £250,000 on improved terms. Additionally, they will offer term loans between £25,100 and £100,000 for businesses needing a cash flow injection. These solutions will be available over 2-5 year terms.
Helen Lumb, Managing Director of Shire Leasing PLC, expressed her satisfaction with the accreditation: “We are pleased to be accredited to deliver our flexible finance solutions through the Growth Guarantee Scheme and continue our long-standing partnership with the British Business Bank.”
Shire Leasing’s partnership with the BBB dates back to 2014 when they received an £80m boost, comprising £40m from the Bank matched by £40m from private sector funding. Since then, Shire Leasing has secured £99.8m through the Bank’s ENABLE Funding programme, £6.6m of mezzanine funding from British Business Investments (a commercial subsidiary of the Bank), and has participated in all iterations of the Coronavirus Business Interruption Loan Scheme (CBILS) and the Recovery Loan Schemes.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLumb highlighted the benefits of the scheme: “The Growth Guarantee Scheme accreditation certainly offers stability and assurance to us as lenders. More importantly, though, the government-backed scheme drives awareness of alternative finance providers and options amongst UK SMEs, introduces improved terms across the finance market, and continues to provide businesses with the confidence to invest in their growth.”
BBB: 90% of RLS facilities support small businesses
