FINANCE OPTIONS

^Growth Guarantee Scheme for Garages and MOT Centres - Apply

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

Businesses can borrow between £5,000 and £750,000 under the Growth Guarantee Scheme, with the amount influenced by business turnover, credit rating, and financial health.

Q: How quickly can decisions be made under the scheme?

Decisions on applications under the scheme can be made within 1 to 5 business days, depending on the type of finance and lender workload.

Q: What are the typical interest rates for these loans?

Typical interest rates range from 3% to 15% APR, dependent on credit score, financial history, amount borrowed, and the length of terms.

Q: What eligibility criteria must be met for application?

Eligibility typically includes a minimum of two years in operation for asset finance, consistent invoicing for invoice financing, and a clear expansion plan for term loans.

The Growth Guarantee Scheme for Garages and MOT Centres provides a robust financial framework for automotive businesses in the UK. This initiative aims to support garages and MOT centres by offering guaranteed loans that facilitate expansion, equipment upgrades, and other growth-related activities. Key benefits include reduced financial risk, particularly through government-backed guarantees. Businesses can utilise this scheme to enhance service offerings, improve cash flow, and ensure long-term success.

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What are the ^benefits of Growth Guarantee Scheme for Garages and MOT Centres?

The scheme offers significant advantages by providing access to capital for business expansion and reducing financial risk through government-backed guarantees. With decision times as short as 1 to 5 days and funds available within 1 to 2 weeks, garages can quickly bolster their operational capabilities. These loans, usually ranging from £5,000 to £750,000, also offer competitive interest rates typically spanning from 3% to 15% APR. Such financial advantages make it easier for businesses to plan large-scale improvements confidently.

Financial support

Business growth

Increased customer trust

SCALE YOUR BUSINESS TO NEW HEIGHTS

What are the different types of Growth Guarantee Scheme for Garages and MOT Centres?

Asset Finance

Asset Finance allows garages with a solid 2-year operational history to secure loans ranging from £10,000 to £500,000. This type of finance facilitates the purchase of new equipment such as diagnostic tools and service bays.

Asset Finance

With interest rates between 3% to 12% APR based on creditworthiness, Asset Finance offers garages quick decision times—typically between 2 to 5 business days. This financing is ideal for businesses looking to improve their operational efficiencies by updating tools or expanding their vehicle fleets.

Invoice Financing

Invoice Financing provides a flexible solution for garages with consistent invoicing practices, offering advances from £5,000 to £250,000 against outstanding invoices.

Invoice Financing

This option is especially beneficial for managing cash flow disruptions, allowing businesses to meet operational expenses such as stock purchases and salaries. Garages can expect interest rates of 1% to 5% of invoice value and decision times of 1 to 3 business days.

Term Loans

Term Loans are ideal for garages with definitive expansion plans, offering loan amounts ranging from £25,000 to £750,000 over 6 to 60 months.

Term Loans

These loans, available with interest rates from 4% to 15% APR, provide a solid financial foundation for major renovations or opening new locations. Applications typically require 5 to 10 business days for approval based on growth potential and financial stability assessments.

What is the Growth Guarantee Scheme for Garages and MOT Centres?

Financial Application Processes

The application process for these financial products generally involves submitting detailed business information, including financial statements and business plans. Due diligence is conducted to evaluate the operational health and growth potential of the business.

Regulatory Compliance

Compliance with the Financial Conduct Authority (FCA) regulations, as well as anti-money laundering (AML) and Know Your Customer (KYC) standards, is mandatory. Staying compliant ensures legal and financial security for businesses.

Borrowing Capacity and Rates

Borrowing capacity primarily depends on business turnover, credit rating, and financial health, with amounts ranging from £5,000 to £750,000. Interest rates typically vary from 3% to 15% APR, influenced by the length of terms and borrower creditworthiness.

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FAQ’S

How much can I borrow under the Growth Guarantee Scheme?

How quickly can decisions be made under the scheme?

What are the typical interest rates for these loans?

What eligibility criteria must be met for application?

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^Growth Guarantee Scheme for Garages and MOT Centres - Apply

What are the ^benefits of Growth Guarantee Scheme for Garages and MOT Centres?

SCALE YOUR BUSINESS TO NEW HEIGHTS

What are the different types of Growth Guarantee Scheme for Garages and MOT Centres?

Asset Finance

Asset Finance

Invoice Financing

Invoice Financing

Term Loans

Term Loans