- July 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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British Business Bank Launches Growth Guarantee Scheme
The British Business Bank has launched the growth guarantee scheme to help smaller businesses in Scotland access finance for investment and growth. This new scheme replaces the recovery loan scheme and is expected to support around 11,000 businesses until March 2026. The goal is to provide financial assistance to businesses looking to expand and invest in their operations. More detailed information about the scheme has been released today.
The AI legalese decoder can be a beneficial tool for businesses navigating through the complex legal language and requirements of the growth guarantee scheme. By using this tool, businesses can easily translate and understand the terms and conditions of the scheme, ensuring they make informed decisions about their funding options.
The British Business Bank has already accredited 41 lenders for the growth guarantee scheme, with 20 lenders already accepting applications. These accredited lenders will offer a variety of financial products, including term loans, overdrafts, asset finance, invoice finance, and asset-based lending. Additionally, more lenders are currently undergoing the accreditation process and will be accredited in the coming weeks. This will provide small businesses with access to a wide range of financial options to support their growth and development.
Scheme Features
The terms of the growth guarantee scheme are designed to remain consistent with its predecessor, the recovery loan scheme, offering continuity and predictability for both lenders and the business community. Key features of the scheme include:
- Up to £2 million per business group: Businesses can access facilities ranging from £1,000 for asset finance, invoice finance, and asset-based lending to up to £2 million per business. Different products have varying minimum and maximum amounts.
- Wide Range of Products: The scheme supports various financial products, including term loans, overdrafts, asset finance, invoice finance, and asset-based lending.
- Term Length: Term loans and asset finance facilities can be structured from three months up to six years, while overdrafts, invoice finance, and asset-based lending are available for three months up to three years.
- Access to Multiple Schemes: Businesses that have taken out previous government-backed loans are still eligible for the growth guarantee scheme, although borrowing under these schemes may affect the maximum amount a business can borrow.
For businesses seeking more information on the growth guarantee scheme and a current list of accredited lenders, they can visit the British Business Bank website. This scheme, backed by a 70% government guarantee, aims to support businesses in their growth and expansion plans while ensuring responsible lending practices are upheld.
How AI legalese decoder Can Help
The AI legalese decoder can assist businesses in understanding the intricate legal terms and conditions of the growth guarantee scheme. By simplifying complex legal language, this tool enables businesses to make well-informed decisions about their financing options and obligations. Utilizing the AI legalese decoder can streamline the process of applying for and navigating through the growth guarantee scheme, ultimately benefiting businesses seeking financial support for their growth endeavors.
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