Growth Guarantee Scheme for Cafés and Coffee Shops - Apply
The Growth Guarantee Scheme for Cafés and Coffee Shops is a government-backed initiative supporting SMEs in the hospitality sector. It provides guarantees to lenders, facilitating increased business access to finance for growth. This scheme is pivotal in helping cafés and coffee shops expand capacity, upgrade equipment, or open new locations. Discover how this scheme can be a stepping stone to your business's next phase of growth through tailored funding solutions.
- 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 Cafés and Coffee Shops?
One of the key advantages of the Growth Guarantee Scheme is its ability to reduce lender risk through government-backed guarantees, ensuring SMEs can access finance efficiently. The scheme offers funding amounts ranging from £2,000 to £500,000, with decision times averaging 1 to 5 business days. Typical interest rates are highly competitive, between 5% to 20% APR, making this a viable option for café owners looking to enhance their operations and growth.
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What are the different types of Growth Guarantee Scheme for Cafés and Coffee Shops?
Business Growth Loan Scheme
The Business Growth Loan Scheme is designed for cafés and coffee shops in the UK with a turnover under £45 million. Eligible businesses can avail amounts between £10,000 and £500,000, with terms ranging from 12 to 60 months.
Equipment Financing Scheme
For cafés needing equipment purchases, the Equipment Financing Scheme is a suitable option, offering amounts from £5,000 to £250,000 with terms of 6 to 48 months. It's tailored for cafés trading for at least 6 months.
Working Capital Loan
The Working Capital Loan suits established businesses with positive cash flow, offering between £2,000 and £100,000 for 3 to 18 months. Designed for companies with over two years of trading history.
What is the Growth Guarantee Scheme for Cafés and Coffee Shops?
Application Process Overview
The application process for loans under this scheme typically involves submitting financial projections along with business plans to participating lenders, who assess creditworthiness before determining loan terms. These applications ensure that businesses present clear growth strategies to qualify for funding.
Compliance and Regulatory Requirements
All lending under the Growth Guarantee Scheme must comply with Financial Conduct Authority regulations, ensuring transparent and fair practices. This compliance guarantees that cafés and coffee shops engage with ethical and responsible lending practices, benefiting both lenders and borrowers.
Borrowing Capacity and Terms
Under this scheme, the borrowing capacity ranges from £2,000 to £500,000, impacted by factors like revenue and credit score. Lender assessments ensure tailored solutions that align with business needs, offering flexible terms tailored to enterprise growth.
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