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Growth Guarantee Scheme for Serviced Apartment Providers—Go
The Growth Guarantee Scheme helps smaller businesses, like serviced apartment providers, access loans with the support of a 70% government-backed guarantee to lenders. This means it's easier to get funding to grow and manage cash flow with less risk for the lender. If you want to explore how this could work for your serviced apartment business, it’s worth checking out the scheme today!
- 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 Serviced Apartment Providers?
The Growth Guarantee Scheme for Serviced Apartment Providers is an initiative designed to support the development and sustainability of serviced apartment businesses. By offering financial security to providers, this scheme helps mitigate risks associated with market fluctuations and encourages them to invest in quality services and amenities. This strategic support not only attracts investors but also fosters growth in the serviced accommodation sector, ultimately enhancing the options available for travelers and boosting local economies.
Financial security
Attracts investors
Encourages growth
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What are the different types of Growth Guarantee Scheme for Serviced Apartment Providers?
Revenue Protection Guarantee
A scheme where providers are guaranteed a minimum revenue level over a set period.
Occupancy Rate Assurance
A guarantee ensuring a minimum occupancy rate for serviced apartments.
Flexible Leaseback Guarantee
A scheme offering owners a fixed income by leasing back units to the operator.
What is the Growth Guarantee Scheme for Serviced Apartment Providers?
Government-Backed Loan Guarantee
The Growth Guarantee Scheme offers serviced apartment providers access to loans with a government-backed guarantee, covering up to 70% of the outstanding balance if the borrower defaults. This reduces the risk for lenders and makes it easier for serviced apartment businesses to secure funding for growth and investment.
Flexible Use of Funds
Funds obtained through the scheme can be used for a wide range of legitimate business purposes, such as working capital, refinancing existing debt, or investing in property improvements and expansion. There are no restrictions specific to serviced apartment providers beyond standard business criteria.
Eligibility and Terms
To qualify, serviced apartment providers must be UK-based, have a turnover up to £45 million, and meet viability tests. Loans can range from £10,000 to £2 million, with terms of up to 6 years. Personal guarantees may be required for larger loans, but principal private residences cannot be used as security.
FAQ’S
Are serviced apartment providers eligible for the Growth Guarantee Scheme?
Is the Growth Guarantee Scheme designed for specific sectors like serviced apartments?
What loan amount can serviced apartment providers access under the Growth Guarantee Scheme?
Are there any sector-specific exclusions for serviced apartment providers?
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