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Get Growth Guarantee Scheme for Precision Engineering Firms
The Growth Guarantee Scheme for Precision Engineering Firms is a financial support program that helps small UK engineering businesses get loans to grow, invest in new technology, and manage cash flow, even if their loan risk seems high. It’s designed to make financing easier and more accessible so these firms can thrive and innovate. If you're interested, it’s worth reaching out to find out how this can support your business growth.
- 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 Precision Engineering Firms?
The Growth Guarantee Scheme for Precision Engineering Firms aims to provide financial backing and support for businesses in the precision engineering sector, ensuring they can thrive despite challenges. By offering guarantees and incentives, the scheme encourages firms to innovate, invest in technology, and expand their capabilities, ultimately contributing to the growth of the sector and the economy as a whole.
Financial stability
Encourages innovation
Supports growth
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What are the different types of Growth Guarantee Scheme for Precision Engineering Firms?
Loan Guarantee Scheme
A scheme where the government guarantees a portion of bank loans to precision engineering firms.
Equity Co-Investment Scheme
Government co-invests with private investors in precision engineering firms to spur growth.
Credit Insurance Scheme
Provides insurance for firms against non-payment risks from buyers, promoting business growth.
What is the Growth Guarantee Scheme for Precision Engineering Firms?
Government-Backed Loan Guarantee
The Growth Guarantee Scheme helps precision engineering firms by allowing them to get loans and other types of financing that might otherwise be difficult to access, as the government guarantees a large portion (usually 70%) of the loan for the lender. This reduces the risk for banks and encourages them to support these businesses.
Flexible Financing Options for Growth
Firms can use these government-backed funds for several needs, such as investing in new technology, managing cash flow, expanding operations, or funding sustainability projects. The scheme supports various financing methods including term loans, overdrafts, asset and invoice finance, letting companies choose what suits them best.
Focus on SMEs and Easy Access
The scheme is open to small and medium-sized precision engineering firms that meet certain turnover and business criteria. The application process is streamlined and available through accredited lenders, making it easier for eligible businesses to secure the financial support they need for growth.
FAQ’S
Are precision engineering firms eligible for the Growth Guarantee Scheme?
What is the maximum amount a precision engineering firm can borrow under the Growth Guarantee Scheme?
What finance options are available to precision engineering firms under the scheme?
Are there any sector-specific restrictions for precision engineering firms?
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