Simply Asset Finance has obtained accreditation from the British Business Bank to provide loans under the Growth Guarantee Scheme (GGS) to both new and existing customers in the UK.
This scheme is designed to assist small and medium-sized enterprises (SMEs) in securing the necessary financing to expand and prosper.
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Managed by the British Business Bank, the GGS is the successor to the Recovery Loan Scheme (RLS).
Simply’s latest accreditation expands its partnership with the British Business Bank, which has played a key role in delivering funding to SMEs since the launch of the RLS in April 2021.
Simply acknowledged significant prospects for SMEs in the latter half of the year and beyond, amid the International Monetary Fund’s updated economic growth forecast for the UK, which projects a 0.7% increase in 2024 and a further 1.5% in 2025.
The company emphasised that access to funding is crucial for SMEs to swiftly leverage these growth opportunities, with the GGS playing an essential role.
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By GlobalDataThe GGS will maintain the same terms as the RLS, offering a 70% guarantee to lenders for loans up to £2m to support smaller businesses.
Simply said it is prepared to immediately accept and process applications for the new scheme, with a dedicated portal available on its website for potential applicants to understand the full criteria and apply.
Businesses that have previously received loans through earlier schemes such as the CBILS, CLBILS, BBLS, or RLS are eligible for the GGS. However, the amount they have borrowed previously may affect the sum they can borrow under the GGS, said the lender.
The availability of the scheme spans from 1 July 2024 to 31 March 2026.
Simply Asset Finance CEO Mike Randall said: “Being accredited to continue to lend under the scheme, now under the ‘Growth Guarantee Scheme’ banner, is a vote of confidence from the BBB. Our purpose is clear – empowering SMEs to realise their potential, grow and thrive. And our team of experts has worked tirelessly to deliver agile and speedy finance for the UKs SMEs.
“There’s a huge opportunity out there for UK businesses who are the backbone of our economy, and it’s vital we act now to give them the finance they need to achieve their ambitions. By truly understanding them, their vision for growth, and the assets they need to succeed, we’re able to deliver an unparalleled and truly valued asset finance service.”
PR: https://simply.finance/news/simply-goes-live-with-growth-guarantee-scheme-access-for-uk-smes/
Image: https://www.shutterstock.com/image-photo/loan-business-economy-concept-money-finance-2249867255
