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^Growth Guarantee Scheme for E-commerce Businesses - Apply

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

You can borrow between £1,000 and £2 million, depending on your business turnover, creditworthiness, and asset base.

Q: How quickly can I get a decision for the Growth Guarantee Scheme?

Initial decisions are typically made within 1 to 3 weeks, with funds available one week after approval, subject to final checks.

Q: What are the interest rates for loans under this scheme?

Interest rates range from 6% to 18% APR, influenced by your credit score, loan amount, and repayment term length.

Q: What are the eligibility requirements for this scheme?

Eligibility varies by loan type but generally includes being a UK-registered e-commerce business, operational for a specific duration, with certain revenue thresholds.

The Growth Guarantee Scheme for E-commerce Businesses is a government-backed initiative in the UK designed to bolster the digital retail sector by providing partial guarantees to lenders. This scheme encourages financial institutions to extend credit to SMEs involved in e-commerce, thereby supporting their growth and innovation. A significant benefit is that businesses can access funds without stringent collateral requirements, enabling smoother inventory purchases and technological enhancements.

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What are the ^benefits of Growth Guarantee Scheme for E-commerce Businesses?

Participating in the Growth Guarantee Scheme offers numerous benefits, including access to capital with competitive interest rates ranging from 6% to 18% APR. The typical decision time is efficient, with initial reviews taking around 1 to 3 weeks, helping businesses to plan and implement growth strategies swiftly. Furthermore, this scheme aligns with FCA regulations and GDPR, ensuring responsible lending and data protection compliance.

Boosts e-commerce sales

Enhances customer trust

Promotes business growth

SCALE YOUR BUSINESS TO NEW HEIGHTS

What are the different types of Growth Guarantee Scheme for E-commerce Businesses?

Government-Backed Loan for E-commerce

The Government-Backed Loan for E-commerce supports UK-registered online businesses operational for 12 months, with revenue under £45 million. Typical amounts range from £1,000 to £1 million, with terms from 12 to 60 months.

Government-Backed Loan for E-commerce

This loan offers interest rates between 6% to 12% APR, primarily for inventory purchases, marketing, and website enhancements. Decision times range from 2 to 4 weeks, ideal for retail sectors like fashion and electronics.

Working Capital Loan with E-commerce Focus

Designed for UK online retailers with at least six months of operation and a minimum monthly revenue of £5,000. Loan amounts between £10,000 to £500,000, with repayment terms of 6 to 36 months.

Working Capital Loan with E-commerce Focus

Interest rates span from 8% to 15% APR. These loans facilitate cash flow management and logistics improvements, with a swift 1 to 2 weeks decision period, benefiting platforms in hospitality like online food delivery.

Asset-Based Lending for E-commerce

Targeted at businesses with significant assets or proprietary IP, requiring a credit score of at least 600. Amounts range from £50,000 to £2 million, with terms of 12 to 48 months.

Asset-Based Lending for E-commerce

Interest rates are set between 10% to 18% APR. This type supports technological upgrades and strategic acquisitions, with verdicts reached in 3 to 5 weeks, ideal for manufacturing and tech sectors.

What is the Growth Guarantee Scheme for E-commerce Businesses?

Application Process and Decision Timelines

Applying involves submitting business plans and financial documents through banks, with a review period of 1 to 3 weeks. Approved funds are typically disbursed within a week post-approval.

Regulatory and Compliance Requirements

The scheme mandates compliance with FCA regulations and GDPR, ensuring ethical data handling and responsible lending. Annual financial reports are required for continuous compliance.

Borrowing Capacity and Rate Information

Loans range from £1,000 to £2 million, with rates affected by business credit scores and asset bases. Expect origination fees of 1% to 3% and potential early repayment penalties.