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Growth Guarantee Scheme for Tradespeople and Contractors Go

The Growth Guarantee Scheme for Tradespeople and Contractors offers a crucial financial lifeline, ensuring access to necessary capital for expansion and improvement. By aiding in the purchase of essential equipment and boosting liquidity, it empowers SMEs in the trades sector to grow efficiently. Learn more about its benefits and processes.

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What are the benefits of Growth Guarantee Scheme for Tradespeople and Contractors?

This scheme supports tradespeople with a streamlined process for funding applications, offering borrowing between £5,000 and £1,000,000. Enjoy decisions made within weeks, and benefit from competitive rates. Discover how it boosts business growth through tailored finance solutions.

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What are the different types of Growth Guarantee Scheme for Tradespeople and Contractors?

Secured Business Loan

Secured loans provide £10,000 to £1,000,000 over 6 to 60 months, secured against business assets. Ideal for UK trades with over 24 months of history. Explore your options with secured loans.

Secured Business Loan

With interest rates from 3% to 12% APR, secured business loans facilitate larger investments. They support significant purchases such as equipment and premises expansion. Decisions typically take 2 to 4 weeks. Look into how these loans can assist your business growth plans.

Unsecured Business Loan

Ranging from £5,000 to £250,000 over 6 to 36 months, these loans cater to sole traders and companies with at least 12 months of trading history. Consider unsecured lending options.

Unsecured Business Loan

Unsecured loans, with rates from 5% to 15% APR, offer flexibility for handling cash flow challenges or funding marketing initiatives. Approval is based on turnover and creditworthiness, typically within 2 weeks. Discover how unsecured financing can aid your agility.

Invoice Financing

Invoice financing advances up to 90% of invoice values to bridge cash flow gaps quickly. Explore options for invoice finance.

Invoice Financing

Effective for managing extended payment terms, invoice financing can provide necessary liquidity in as little as 48 hours. Typically used by contractors, the costs are around 1% to 3% per month. See how invoice finance can be a strategic tool for your business.

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What is the Growth Guarantee Scheme for Tradespeople and Contractors?

Application Process and Decision Times

Application for the Growth Guarantee Scheme includes financial documentation and credit histories, making initial decisions possible from immediate up to 4 weeks. This streamlined process is designed for quick and efficient access to funds. Learn about the detailed application process.

Borrowing Capacity and Rate Factors

Complying with FCA regulations, lenders under this scheme ensure best practices in customer information management and business viability. Discover the compliance standards in place for your protection with our insights.

Borrowing Capacity and Rate Factors

The borrowing capacity depends on turnover, credit history, and the type of loan secured. Rates typically fall between 3% and 15% APR, influenced by economic conditions and credit scores. Assess your options viewing these factors.

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Real Scenarios

Construction Company Needing Fast Working Capital

Situation

A construction firm had a short-term cash gap before a large invoice was paid and needed £85,000 to cover materials and payroll.

Challenge

Traditional bank applications were too slow; they needed a decision and funds within days.

Outcome

Funding Agent matched them with a lender; they received a working capital facility and bridged the gap until the invoice was paid.

Ecommerce Business Preparing for Peak Season

Situation

An online retailer needed around £120,000 to stock up ahead of Black Friday and the Christmas rush.

Challenge

They wanted flexible terms and a quick turnaround so stock could be ordered in time.

Outcome

Through Funding Agent they secured a facility, placed orders in time and managed peak demand without cash flow stress.

Marketing Agency Using Invoice Finance

Situation

A marketing agency had strong clients and reliable invoices but often waited 60–90 days for payment.

Challenge

They needed to unlock cash tied up in unpaid invoices to pay staff and take on new projects.

Outcome

Funding Agent connected them with an invoice finance provider; they now access funds against approved invoices and smooth out cash flow.

Property Developer Using Bridging Finance

Situation

A developer needed short-term finance to complete a purchase before selling an existing property.

Challenge

They required a fast decision and flexible terms to align with the sale timeline.

Outcome

Funding Agent matched them with a bridging lender; they completed the purchase and repaid the facility when the sale completed.
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FAQ’S

How much can I borrow under the Growth Guarantee Scheme?
How quickly can I receive a decision for my application?
What are the interest rates for loans under this scheme?
What are the eligibility requirements for these loans?

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