FINANCE OPTIONS

^Growth Guarantee Scheme for Automotive Businesses - Apply

Q: How much can I borrow under the Growth Guarantee Scheme?

Under the scheme, businesses can typically borrow between £10,000 and £1,000,000. The exact amount depends on factors like creditworthiness, revenue, and asset value.

Q: How quickly can I get a decision on my finance application?

Decision times vary between 24 hours to 4 weeks depending on the finance type and application complexity.

Q: What are the typical interest rates for these financial solutions?

Interest rates range from 3% to 12% APR, influenced by the business's credit score, financial health, and loan term.

Q: What are the eligibility requirements for these loans?

Eligibility is based on being a UK-based automotive SME, with a minimum 12-month trading history and sound business plan, among other criteria.

The Growth Guarantee Scheme for Automotive Businesses offers vital financial support to UK automotive SMEs, enabling them to secure essential funding for growth. This government-backed initiative provides lenders with guarantees, encouraging them to provide loans and financial products. From purchasing machinery to expanding operations, the scheme is tailored to support a range of business needs.

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What are the ^benefits of Growth Guarantee Scheme for Automotive Businesses?

Through reduced lender risk, more SMEs can access short-term business loans and improve their growth prospects. The scheme facilitates investments in modernization and competitiveness, with funding amounts from £10,000 to £1,000,000 at competitive interest rates.

Financial assistance

Encourages business growth

Supports innovation

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What are the different types of Growth Guarantee Scheme for Automotive Businesses?

Term Loans

Term loans provide amounts between £50,000 to £500,000 over 12 to 60 months, ideal for SMEs with a sound business plan and trading history.

Term Loans

Suitable for purchasing machinery or facility upgrades, term loans for accountancy firms require comprehensive applications, including financial statements and business plans. Decision times range from 2 to 4 weeks with interest rates from 4.5% to 12% APR.

Asset Finance

With asset finance, SMEs can finance new vehicles or machinery, securing amounts between £20,000 to £1,000,000 over 24 to 84 months.

Asset Finance

Asset finance supports the acquisition of essential business equipment, such as service vehicles or production machinery. What is asset finance? Explore this option with decision times between 1 to 3 weeks and competitive interest rates from 3% to 8% APR.

Invoice Financing

Designed for managing cash flow, invoice financing offers amounts from £10,000 to £250,000, with repayments linked to customer invoice completion.

Invoice Financing

Typically utilized by car repair services to manage short-term operational costs, invoice factoring allows for fast decision-making within 24 to 48 hours, charging a fee of 2% to 5% of invoice value.

What is the Growth Guarantee Scheme for Automotive Businesses?

Application Process

The application for the Growth Guarantee Scheme involves detailed business financials and credit history. Invoice financing for recruitment agencies necessitates quick assessments by finance providers, often completing within days.

Regulatory and Compliance

All lending under this scheme complies with UK FCA regulations, ensuring businesses adhere to national financial standards. Our expertise in asset-based lending regulations guarantees compliance.

Borrowing Capacity and Rates

The funding available ranges from £10,000 to £1,000,000, influenced by creditworthiness and business value. Invoice financing offers competitive rates, affected by business profile and lending terms.

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FAQ’S

How much can I borrow under the Growth Guarantee Scheme?

How quickly can I get a decision on my finance application?

What are the typical interest rates for these financial solutions?

What are the eligibility requirements for these loans?

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June 9, 2025

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^Growth Guarantee Scheme for Automotive Businesses - Apply

What are the ^benefits of Growth Guarantee Scheme for Automotive Businesses?

SCALE YOUR BUSINESS TO NEW HEIGHTS

What are the different types of Growth Guarantee Scheme for Automotive Businesses?

Term Loans

Term Loans

Asset Finance

Asset Finance

Invoice Financing

Invoice Financing