The UK Government has announced new measures designed to unlock billions of pounds in business finance for small and medium-sized businesses, creating new opportunities for SMEs looking to invest, grow and expand.
A key part of the announcement is the expansion of the Growth Guarantee Scheme (GGS). The government-backed scheme supports eligible lenders in providing finance to smaller businesses, with the government guarantee helping lenders offer funding where appropriate.
The changes are expected to support an additional £2 billion of SME lending each year by 2028/29, potentially helping around 12,000 additional businesses annually.
Loan terms are also being extended. Eligible loans of up to £1.1 million will be able to run for up to 10 years, while the annual turnover threshold for businesses eligible for the scheme is increasing from £45 million to £54 million.
For businesses considering business loans, commercial finance or funding for growth, these changes could provide additional opportunities. However, eligibility and lending decisions will depend on individual circumstances, affordability and the lender’s criteria.
Looking for Business Finance?
At CCBroker, we provide business loan brokerage and commercial finance solutions to help UK businesses explore suitable funding options. Whether you need finance for working capital, expansion, investment or other business purposes, we can help you understand the options available.
Contact CCBroker today to discuss your business finance requirements.
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