FINANCE OPTIONS

^Growth Guarantee Scheme for Event Businesses - Apply Now

Q: How much can event businesses borrow through the Growth Guarantee Scheme?

Event businesses can borrow between £5,000 and £1 million through the Growth Guarantee Scheme, depending on the specific loan type. Government-backed term loans offer £25,000 to £1 million, asset finance provides £10,000 to £500,000, and short-term working capital loans range from £5,000 to £250,000. The exact amount depends on your company's financial health, cash flow projections, and available collateral.

Q: How quickly can I get a decision on my Growth Guarantee Scheme application?

Decision times vary by loan type: short-term working capital loans take 2-5 business days, asset finance decisions occur within 3-7 business days, and government-backed term loans typically require 5-10 business days. Initial decisions generally happen within 2-10 business days, with funds available within 5 days post-approval. Application completeness significantly affects processing speed.

Q: What interest rates can event businesses expect with the Growth Guarantee Scheme?

Interest rates under the Growth Guarantee Scheme typically range from 2% to 15% APR, with specific rates varying by loan type. Asset finance offers 2-8% APR, government-backed term loans range from 3-9% APR, and short-term working capital loans have rates of 6-15% APR. Rates depend on creditworthiness, loan term, amount borrowed, and lender policies.

Q: What are the eligibility requirements for Growth Guarantee Scheme funding?

Eligibility requires UK registration and operation in the event sector with a viable business plan. Applicants must typically show they cannot secure traditional financing and provide business plans, financial statements, and proof of UK operation. Specific requirements vary by loan type, with asset finance requiring suitable assets as security and working capital loans needing cash flow justification.

The Growth Guarantee Scheme for Event Businesses is a government-backed financial product designed specifically to help UK event companies access funding that might otherwise be unavailable through traditional lending channels. This innovative scheme provides a government guarantee to lenders, enabling them to offer more favourable terms to small and medium-sized enterprises in the corporate event planning, wedding services, and festival organisation sectors. By reducing lender risk, the scheme facilitates access to essential capital for businesses looking to expand their services, hire additional staff, or invest in new equipment and technology.

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What are the ^benefits of Growth Guarantee Scheme for Event Businesses?

The primary advantage of the Growth Guarantee Scheme is that it provides event businesses with access to growth capital backed by government security, resulting in competitive interest rates ranging from 2% to 15% APR and longer repayment terms of up to 72 months. This scheme encourages lenders to take on more risk, which benefits SMEs that may have viable business plans but struggle to secure traditional financing. With decision times as quick as 2-10 business days and funds typically available within 5 days post-approval, event businesses can respond rapidly to new opportunities without lengthy waiting periods.

Financial stability

Encourages innovation

Industry growth

SCALE YOUR BUSINESS TO NEW HEIGHTS

What are the different types of Growth Guarantee Scheme for Event Businesses?

Government-backed Term Loans

Government-backed Term Loans under the Growth Guarantee Scheme provide £25,000 to £1 million for UK-registered event businesses with viable business plans that cannot secure traditional financing. These loans feature repayment terms of 12 to 72 months and are specifically designed for companies expanding event services, hiring staff, or investing in equipment and technology. Eligibility requires proof of UK operation and demonstration that financing cannot be obtained without the government guarantee.

Government-backed Term Loans

Government-backed Term Loans offer event businesses substantial funding ranging from £25,000 to £1 million with interest rates typically between 3% and 9% APR. Decision times for these loans are generally 5 to 10 business days, making them suitable for corporate event planning firms, wedding service providers, and festival organisers needing capital for expansion. The application process requires comprehensive documentation including business plans, financial statements, and proof that traditional financing avenues have been exhausted. These term loans provide the stability of fixed repayment schedules while benefiting from the government guarantee that makes lenders more willing to approve applications from viable event businesses.

Asset Finance

Asset Finance through the Growth Guarantee Scheme provides £10,000 to £500,000 for UK SMEs in the event sector requiring assets for business expansion. This asset-based lending solution offers terms of 6 to 60 months and is particularly suitable for sound and lighting firms, event logistics providers, and companies needing to purchase or lease equipment. Eligibility depends on the value of assets being used as security and the business's creditworthiness.

Asset Finance

Asset Finance under the Growth Guarantee Scheme enables event businesses to access £10,000 to £500,000 with competitive interest rates of 2% to 8% APR and decision times of just 3 to 7 business days. This financing solution is ideal for purchasing sound and lighting equipment, leasing event venues, or acquiring transportation vehicles essential for event operations. The process requires asset valuation and provision of those assets as security, along with standard business and personal credit information. This type of financing helps event companies acquire necessary equipment without large upfront capital outlays, supporting growth while maintaining cash flow for other operational needs.

Short-term Working Capital Loans

Short-term Working Capital Loans provide £5,000 to £250,000 for active UK event businesses facing cash flow gaps, particularly those affected by seasonal business cycles. With repayment terms of 3 to 24 months, these loans help bridge short-term working capital needs for small event firms, catering services, and temporary staffing agencies. Eligibility requires demonstration of active business operations and justification for the loan necessity based on cash flow forecasts.

Short-term Working Capital Loans

Short-term Working Capital Loans offer event businesses £5,000 to £250,000 with interest rates ranging from 6% to 15% APR and remarkably fast decision times of 2 to 5 business days. These loans are specifically designed to address seasonal cash flow challenges, covering upfront costs for large events, managing payroll during off-season periods, or bridging temporary working capital shortages. The application process may involve small fees and requires recent financial statements, cash flow forecasts, and clear justification for the loan's necessity. This flexible financing option helps event businesses maintain operations during slower periods while preparing for peak seasons, ensuring continuity and growth despite fluctuating revenue patterns.

What is the Growth Guarantee Scheme for Event Businesses?

Application Process and Decision Timelines

The application process for Growth Guarantee Scheme funding typically involves submitting detailed business and financial information, with approval times varying from a few days to two weeks depending on the loan type and complexity. Initial decisions generally occur within 2 to 10 business days, with funds becoming available within 5 days post-approval. The speed of processing depends heavily on the completeness of the application and the applicant's responsiveness to additional information requests. All finance products under this scheme must comply with FCA regulations, which mandate clear terms, fair interest rates, and responsible lending practices to protect both borrowers and lenders.

Regulatory Compliance and Lender Requirements

Under the Growth Guarantee Scheme, lenders are legally required to inform borrowers about the government guarantee and its implications, ensuring transparency throughout the lending process. All financing must comply with FCA regulations, which include providing clear terms, fair interest rates based on business performance and loan terms, and responsible lending practices that consider the borrower's ability to repay. The scheme's structure encourages lender participation by reducing risk exposure while maintaining regulatory standards that protect event businesses seeking funding. This regulatory framework ensures that both lenders and borrowers operate within established guidelines that promote sustainable business growth and financial stability.

Borrowing Capacity and Rate Considerations

Borrowing amounts under the Growth Guarantee Scheme range from £5,000 minimum to £1 million maximum, with specific amounts determined by the company's financial health, cash flow projections, and asset strength used as collateral. Interest rates typically range from 2% to 15% APR, influenced by factors including the business's creditworthiness, loan term length, amount borrowed, and individual lender policies. Additional costs may include arrangement fees, early repayment charges, and administrative fees, though these vary between lenders and loan products. Understanding these factors helps event businesses select the most appropriate financing option for their specific needs and financial circumstances.