Growth Guarantee Scheme for Creative and Design Studios Get
The Growth Guarantee Scheme for Creative and Design Studios is a financing initiative aimed at supporting UK-based SMEs within the creative and design sectors by offering loan guarantees. This enables access to increased funding capacity and more attractive lending terms. Common uses include purchasing new equipment and launching new products.
- 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 Creative and Design Studios?
The scheme offers access to higher loan amounts, potentially lower interest rates, and extended repayment periods due to reduced lender risk via government-backed guarantees. This financial solution is regulated by the Financial Conduct Authority, ensuring fair treatment of SMEs. Applications are typically processed within a few weeks, enhancing business operational capabilities.
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Providers
What are the different types of Growth Guarantee Scheme for Creative and Design Studios?
Secured Business Loans
Secured Business Loans are available for UK registered creative or design studios with collateral, offering amounts from £25,000 to £1,000,000. These loans come with terms of 12 to 60 months at interest rates of 3% to 6% APR. Examples include equipment purchase for fashion studios.
Unsecured Business Loans
Unsecured Business Loans cater to UK SMEs with a minimum annual turnover of £100,000. Loan amounts span from £5,000 to £250,000 with terms spanning 6 to 36 months at 6% to 9% APR. They're ideal for short-term working capital.
Invoice Financing
Invoice Financing allows creative businesses to manage cash flow by advancing up to 90% of invoice values. It's open-ended, typically settled within 90 days with low interest rates of 1% to 3% per invoice.
What is the Growth Guarantee Scheme for Creative and Design Studios?
Application Process
Applying for the scheme requires submission of a lender's form, business financials, a business plan, and collateral information. Normally, decisions are rendered within 1 to 4 weeks, and funds are available 1 to 2 weeks post-approval.
Regulatory Compliance
The scheme operates under the Financial Conduct Authority, ensuring adherence to lending best practices and protecting SMEs. As experts in finance solutions, we ensure compliance with regulations like the FCA guidelines.
Borrowing Capacity
Factors such as collateral, credit score, and annual turnover affect borrowing limits, with available amounts between £5,000 to £1,000,000. Understanding these dynamics helps us tailor competitive offerings for creative businesses.
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