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Growth Guarantee Scheme for Plastics Manufacturers – Apply
The Growth Guarantee Scheme is a government-backed support program that helps plastics manufacturers and other small UK businesses get easier access to loans and finance to grow their operations. It provides a guarantee to lenders so they can offer loans with better terms, helping businesses manage cash flow and invest in their future. Interested in growing your plastics business? This scheme might be just what you need to get started!
- 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 Plastics Manufacturers?
The Growth Guarantee Scheme for Plastics Manufacturers provides financial support and incentives to boost the growth and sustainability of the plastics industry. By encouraging investment and innovation, this scheme helps manufacturers transition to more eco-friendly practices, ensuring long-term viability and competitiveness in a rapidly evolving market.
Supports industry growth
Enhances competitive advantage
Encourages innovation
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What are the different types of Growth Guarantee Scheme for Plastics Manufacturers?
Loan Guarantee Scheme
A scheme where the government guarantees a portion of loans to plastics manufacturers.
Credit Enhancement Programs
Programs that improve the credit profile of plastics manufacturers to secure better loan terms.
Equity Support Schemes
Schemes that provide direct equity investment or matching funds to plastics manufacturers.
What is the Growth Guarantee Scheme for Plastics Manufacturers?
Government-backed Loan Guarantee
The Growth Guarantee Scheme provides a government-backed guarantee covering 70% of the loan to lenders, making it easier for plastics manufacturers to access finance. However, the borrower (the business) remains fully liable for repaying the entire loan.
Flexible Financing for Investment and Growth
Plastics manufacturers can use the scheme to get different types of finance, such as term loans, overdrafts, asset finance, and invoice finance, with facility sizes up to £2 million. The funds can be used for any legitimate business purpose including cashflow management, working capital, or expanding operations.
Open to a Wide Range of UK Plastics Businesses
The scheme is available to UK-based businesses, including those in the plastics sector, with a turnover up to £45 million. It supports both new and existing businesses provided they are viable and not facing insolvency or severe financial difficulty.
FAQ’S
Are plastics manufacturers eligible for the Growth Guarantee Scheme?
What can plastics manufacturers use Growth Guarantee Scheme funds for?
Are there plastics-specific exclusions or restrictions in the Growth Guarantee Scheme?
Can plastics manufacturers who previously received government loans apply for GGS?
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