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^Growth Guarantee Scheme for Online Fashion Retailers Apply

Q: Are online fashion retailers eligible for the Growth Guarantee Scheme?

Yes, if they trade in the UK, have a turnover of up to £45m, and show a viable business plan, online fashion retailers can apply for the Growth Guarantee Scheme.

Q: How much can online fashion retailers borrow under the Growth Guarantee Scheme?

Online fashion retailers can borrow up to £2 million under the scheme (£1 million if within the Northern Ireland Protocol area).

Q: What types of finance can online fashion retailers access with the Growth Guarantee Scheme?

Online fashion retailers can access term loans, overdrafts, asset finance, and invoice finance with the Growth Guarantee Scheme.

Q: Which lenders offer the Growth Guarantee Scheme for online fashion retailers?

Accredited lenders include Funding Circle, HSBC, Lloyds Bank, NatWest, RBS, Santander, and Virgin Money.

The Growth Guarantee Scheme for Online Fashion Retailers is a program designed to help online fashion businesses grow confidently by offering support and resources that reduce risks and boost sales. It's like having a safety net while you expand your brand. Ready to take your fashion store to the next level? Let's explore how this scheme can work for you!

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What are the ^benefits of Growth Guarantee Scheme for Online Fashion Retailers?

The Growth Guarantee Scheme for Online Fashion Retailers provides financial backing to emerging fashion brands, ensuring a sustainable growth trajectory. It aids retailers in navigating challenges by offering assurances of growth or compensations, thus instilling confidence in their business strategies. This scheme not only fosters innovation but also attracts investments, empowering online retailers to thrive in a competitive market.

Risk mitigation

Improved customer trust

Boosted sales growth

SCALE YOUR BUSINESS TO NEW HEIGHTS

What are the different types of Growth Guarantee Scheme for Online Fashion Retailers?

Revenue-Based Financing Guarantees

Schemes where lenders provide capital to retailers, repaid as a percentage of future revenues.

Revenue-Based Financing Guarantees

Revenue-based financing guarantees support online fashion retailers by ensuring access to flexible funding, with repayments tied to a percentage of sales, making it suitable for seasonal or fluctuating revenue streams.

Inventory Financing Guarantees

Schemes that assure inventory loans, helping retailers stock up without cash flow strain.

Inventory Financing Guarantees

Inventory financing guarantees enable retailers to secure loans specifically for purchasing inventory. This allows them to better manage stock levels without depleting operational cash, crucial for growth and meeting demand.

SME Loan Guarantees

Government or private guarantees that reduce lender risk for loans to small and medium online fashion retailers.

SME Loan Guarantees

SME loan guarantees allow fashion retailers to access traditional loans by reducing lender risk through a third-party guarantee, helping startups and small businesses secure larger or lower-interest loans for expansion.

What is the Growth Guarantee Scheme for Online Fashion Retailers?

Government-Backed Loan Guarantees

The Growth Guarantee Scheme offers a 70% government guarantee on loans, meaning lenders are more likely to approve funding for online fashion retailers since most of the risk is reduced for them. However, the borrower remains fully responsible for repaying the loan.

Flexible Funding Options and Uses

Online fashion retailers can access loans ranging from £1,000 up to £2 million for various business needs—such as working capital, inventory, expansion, and investment in new technology. Loans can take different forms (term loans, overdrafts, asset or invoice finance) and offer flexible terms, generally up to 5 or 6 years.

Simple Eligibility and Fast Application Process

To qualify, online fashion retailers must be UK-based, have turnover up to £45 million, and meet basic viability checks. Previous government-backed loans do not exclude businesses. Applications are designed to be easy with quick decisions, and no need to provide private residential security.