Simply Asset Finance, the specialist business lending provider, has announced that it has been accredited by the British Business Bank to lend to new and existing customers under the Growth Guarantee Scheme, the new iteration of the Recovery Loan Scheme.

Run by the British Business Bank, the Growth Guarantee Scheme will build on the work of the Recovery Loan Scheme, helping smaller businesses access the right type of finance they need to grow and thrive. The new accreditation will see Simply extend its already long-standing relationship with the British Business Bank, which has seen the business distribute vital funds to smaller businesses since the first iteration of the Recovery Loan Scheme was introduced in April 2021.

As Simply now looks to further support smaller businesses unlock demand in the economy, the scheme will help to provide a wide range of finance for smaller businesses, and is a vital ingredient in helping ensure that the UK’s smaller businesses can thrive in a supportive finance landscape.

With the International Monetary Fund updating its latest UK economic growth forecast to 0.7% for 2024, and with a further 1.5% growth predicted for 2025, there are clear opportunities to be taken advantage of in the second half of the year and beyond. Key to achieving this growth, will be ensuring that smaller businesses can secure the funds they need to quickly capitalise growth opportunities, and the Growth Guarantee Scheme plays a vital role in this.

Enabling continuity and consistency for lenders and the business community, the terms of the Growth Guarantee Scheme will remain unchanged from the Recovery Loan Scheme. It will provide a 70% guarantee to participating lenders on finance of up to £2m to smaller businesses. 

Simply is able to accept and process applications for the new scheme immediately, and applicants can apply via a designated portal on Simply’s website, where they can also review the full criteria of the scheme. 

Businesses who have previously taken out loans in the scheme's previous iterations are able to access the new scheme. However, the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under the GGS scheme. 

The scheme is available between 1 July 2024 and 31 March 2026.

Mike Randall, CEO at Simply Asset Finance, comments: “Being accredited to continue to lend under the scheme, now under the ‘Growth Guarantee Scheme’ banner, is a vote of confidence from the BBB. Our purpose is clear - empowering SMEs to realise their potential, grow and thrive. And our team of experts has worked tirelessly to deliver agile and speedy finance for the UKs SMEs. Having helped them successfully seize opportunities for growth and recovery in recent years, we’re now looking forward to being there to support them in the next stage of their journey too. 

“There’s a huge opportunity out there for UK businesses who are the backbone of our economy, and it’s vital we act now to give them the finance they need to achieve their ambitions. By truly understanding them, their vision for growth, and the assets they need to succeed, we’re able to deliver an unparalleled and truly valued asset finance service.”