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Growth Guarantee Scheme

The successor scheme to the Recovery Loan Scheme, The Growth Guarantee Scheme (GGS) launched in July 2024 and is designed to support access to finance for UK small businesses as they look to invest and grow.

The scheme

The Growth Guarantee Scheme aims to improve the terms on offer to borrowers. If we can offer a commercial loan on better terms, we will do so.

Growth Guarantee Scheme-backed facilities are provided at the discretion of Santander. We are required to undertake our standard credit and fraud checks for all applicants.


Scheme features

  • Up to £2m facility per business group: the maximum amount of a facility provided under the scheme is generally £2m per business group for borrowers outside the scope of the Northern Ireland Protocol, and up to £1m (or such other sum as notified from time to time by us to the lender in accordance with the relevant legal agreement(s)) per business group for Northern Ireland Protocol borrowers. Minimum term loan facilities are £25,001.
  • Product and term length: term loan facilities are available from twelve months up to six years.
  • Pricing: interest rates and fees charged by Santander will vary and will depend on the specific lending proposal. Our pricing will take into account the benefit of the Government guarantee; 
  • Personal guarantees: personal guarantees can be taken at Santander's discretion, in line with our normal commercial lending practices. Principal Private Residences cannot be taken as security within the Scheme. 
  • Guarantee is to the lender: the scheme provides Santander with a 70% government-backed guarantee against the outstanding balance of the facility after it has completed its normal recovery process. The borrower always remains 100% liable for the debt.
  • Access to multiple schemes: businesses that took out a Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) or a Recovery Loan Scheme (RLS) facility before 30 June 2024 are not prevented from accessing Growth Guarantee Scheme, but borrowing under these schemes may reduce the maximum amount the borrower is eligible for; 
  • Decision-making delegated to Santander: Growth Guarantee Scheme-backed facilities are provided at the discretion of Santander.  We and are required to undertake our standard credit and fraud checks for all applicants.
    • The assistance provided through Growth Guarantee Scheme, like many Government-backed business support activities, is regarded as a subsidy and is deemed to benefit the borrower. There is a limit to the amount of subsidy that may be received by a borrower, and its wider group, over any rolling three-year period. Any previous subsidy may reduce the amount a business can borrow. More information on subsidies



Important Information 


Is my business eligible?

Eligibility restrictions

  • Turnover limit: the scheme is open to smaller businesses with a turnover of up to £45m (on a group basis, where part of a group); 
  • UK-based: the borrower must be carrying out trading activity in the UK and, for most businesses, generating more than 50% of its income from trading activity; 
  • Viability test: Santander must consider that the borrower has a viable business proposition; 
  • Business in difficulty: the borrower must not be a business in difficulty, including not being in relevant insolvency proceedings; 
  • Subsidy limits: borrowers will need to provide written confirmation that receipt of the Growth Guarantee Scheme facility will not mean that the business exceeds the maximum amount of subsidy they are allowed to receive. All borrowers in receipt of a subsidy from a publicly funded programme should be provided with a written statement, confirming the level and type of aid received.


Please note, the following are not eligible under Growth Guarantee Scheme: 

  • Banks, Building Societies, Insurers and Reinsurers (excluding Insurance Brokers) 
  • Public sector bodies 
  • State-funded primary and secondary schools.



Please note that GGS availability is subject to individual credit assessment and the right to decline is reserved.

Next steps

If, following an application for business lending, our Relationship Team think that a GGS loan may be an option for you to consider, they will raise this option with you at that time.   



Please be aware that GGS provides the lender with a 70% UK government-backed guarantee against the outstanding balance of the facility. As the borrower, you are always 100% liable for repayment of the whole of the debt.

Any property used as security may be repossed if you do no keep up repayments on the loan.

Business guidance

The British Business Bank’s Business Guidance pages have a range of guidance and resources for businesses, including information on how to manage your cashflow and where to find independent advice.

British Business Bank

The Growth Guarantee Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business & Trade. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit debt-finance/growth-guarantee-scheme