FINANCE OPTIONS
Go Growth Guarantee Scheme for Automotive Parts Wholesalers
The Growth Guarantee Scheme for Automotive Parts Wholesalers helps these businesses get better loan terms by having the government back 70% of the loan, making lenders more willing to offer funding. If you're running an automotive parts wholesale business and want to grow, this scheme can make it easier to get the finance you need. Interested? Reach out to a lender accredited by the British Business Bank to learn more!
- Quick and easy application process
- Loan disbursed within 24 hours
- No additional charges for early repayment
What are the benefits of Growth Guarantee Scheme for Automotive Parts Wholesalers?
The Growth Guarantee Scheme for Automotive Parts Wholesalers provides essential financial support aimed at helping businesses maintain stable cash flow, manage their inventory effectively, and build stronger relationships with suppliers. By reducing financial risks, this scheme enables wholesalers to concentrate on growth and innovation, fostering a more resilient automotive parts market.
Improved cash flow
Enhanced supplier relationships
Increased business stability
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What are the different types of Growth Guarantee Scheme for Automotive Parts Wholesalers?
Loan Guarantee Scheme
A scheme where the government or financial institution guarantees loans for wholesalers.
Inventory Financing Guarantee
Guarantees loans specifically used for purchasing inventory stock.
Trade Credit Guarantee
Guarantees payments to suppliers, allowing wholesalers longer credit terms.
What is the Growth Guarantee Scheme for Automotive Parts Wholesalers?
Government-Backed Loan Guarantees
The Growth Guarantee Scheme provides a government guarantee on loans up to £2 million, usually covering 70% of the lender’s risk if the borrower defaults. This makes it easier for automotive parts wholesalers to access financing, while the government support encourages lenders to approve more loans.
Flexible Financing Options for Wholesalers
Wholesalers, including those dealing in automotive parts, can use the scheme to obtain various types of finance—such as term loans, asset finance, overdrafts, and invoice (trade) finance. This flexibility helps wholesalers fund inventory purchases, manage cash flow, and extend trade credit to customers, supporting business growth.
Wide Eligibility and Business Use Cases
The scheme is open to UK-based businesses with turnovers up to £45 million and at least two years of trading history. Loans can be used for many business needs, including purchasing stock, working capital, and investing in business assets. While the government guarantees the lender, the business remains fully responsible for repaying the entire loan amount.
FAQ’S
Are automotive parts wholesalers eligible for the Growth Guarantee Scheme?
How much funding can automotive parts wholesalers access under the Growth Guarantee Scheme?
What are the key terms for loans through the Growth Guarantee Scheme for automotive parts wholesalers?
Do automotive parts wholesalers need to provide security or guarantees under the Growth Guarantee Scheme?
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