Growth Guarantee Scheme for Builders - Apply Now
The Growth Guarantee Scheme for Builders is a UK government-backed initiative designed to support small and medium-sized construction enterprises (SMEs) by providing guarantees to lenders. This enables lenders to offer affordable loans without needing significant collateral, facilitating growth and development of construction companies. If you're exploring options to finance your business's expansion or equipment purchase, understanding business loans can be crucial.
- 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 Builders?
Accessing funding through the Growth Guarantee Scheme provides numerous benefits including affordable financing options and reduced collateral demands, which enhance SMEs' ability to invest in their growth. The typical loan amounts range from £5,000 to £500,000, with approval times as quick as one to four weeks. These guarantees ensure protection and stability in uncertain financial climates. For precise details, our enterprise finance guarantee section provides insight.
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Providers
What are the different types of Growth Guarantee Scheme for Builders?
Business Growth Loans
Business Growth Loans require UK-based SME construction companies to be trading for at least two years with a viable business plan. Loan amounts range between £50,000 and £500,000 across 12 to 60 months with interest rates of 3% to 7%. Find out more about how these unsecured business loans can aid your business.
Asset Finance
Asset Finance, available for UK-based construction SMEs operating for at least a year, ranges from £10,000 to £250,000 over 6 to 48 months with interest between 4% to 8%. Leveraging assets as security, this form of finance is streamlined and efficient, as highlighted in our asset finance page.
Short-term Working Capital Loans
Short-term Working Capital Loans cater to cash flow needs of construction SMEs, providing £5,000 to £100,000 with terms of 3 to 12 months. Interest rates span 6% to 15% with decisions in 1 to 2 weeks. Details can be found in our working capital loans section.
What is the Growth Guarantee Scheme for Builders?
Application Process and Timescales
The Growth Guarantee Scheme involves submitting a detailed business proposal with financial documents and undergoing a credit assessment. Approval times range from 1 to 4 weeks, with funds available shortly after. For an efficient application process, learn more from our expert quick business finance guide.
Regulatory and Compliance Requirements
Loans under this scheme adhere to FCA guidelines, ensuring fair lending and consumer protection. The British Business Bank backs the scheme, promoting responsible lending. Stay informed by visiting our Financial Conduct Authority section.
Borrowing Capacity and Rate Factors
Borrowing amounts range from £5,000 to £500,000, influenced by business creditworthiness and history. Interest rates typically span 3% to 15%, subject to factors like loan duration and type of asset financed. For more about borrowing and rates, explore our detailed reviews.
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