Growth Guarantee Scheme glossary

The words you'll hear from lenders and brokers, explained in a sentence or two.

Growth Guarantee Scheme: A UK government-backed scheme that gives accredited lenders a 70% guarantee on eligible business finance.
British Business Bank: The government-owned economic development bank that runs the Growth Guarantee Scheme.
Accredited lender: A lender approved by the British Business Bank to offer facilities under the Growth Guarantee Scheme.
Government guarantee: A promise from the government to cover part of a lender's loss if a business can't repay.
Principal private residence: Your main home. It can't be taken as security for a Growth Guarantee Scheme facility.
Subsidy control: UK rules limiting public support to businesses. Growth Guarantee Scheme support counts towards them.
Business in difficulty: A business in serious financial trouble, as defined by the rules. It can't use the scheme.
Recovery Loan Scheme: The government-backed scheme that the Growth Guarantee Scheme replaced on 1 July 2024.
Asset-based lending: Finance secured on business assets such as invoices, stock, plant and property.