The Growth Guarantee Scheme is here to fuel UK small businesses, providing the funding needed to invest and expand. As the successor to the Recovery Loan Scheme, this initiative offers up to £1 million in financial support, giving businesses the confidence to drive growth while benefiting from a government-backed guarantee.
Time Finance offers Growth Guarantee Scheme-backed facilities at its discretion, ensuring each application undergoes thorough credit and fraud checks. Businesses with existing CBILS, CLBILS, BBLS, or RLS facilities can still apply, though previous borrowing may impact the maximum amount available. Asset finance facilities range from 36 months to five years, and interest rates vary based on lending proposals. While personal guarantees may be required, principal private residences cannot be used as security.
To qualify, businesses must have a turnover of up to £45 million, be UK-based, and generate at least 50% of their income from trading activity. Applicants must demonstrate business viability and confirm they do not exceed subsidy limits. Certain sectors, including banks, insurers, public sector bodies, and state-funded schools, are not eligible.
Applications require management accounts, a business plan, historic accounts, asset details, and previous subsidy awards. Time Finance has full discretion over eligibility, working within British Business Bank guidelines. For further business guidance and resources, the British Business Bank provides extensive support, helping businesses manage cash flow and seek independent advice.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.
