Growth Guarantee Scheme vs Recovery Loan Scheme

Answer in brief

The Growth Guarantee Scheme replaced the Recovery Loan Scheme on 1 July 2024. It keeps the same basic model, a government guarantee to accredited lenders, but focuses on growth and investment rather than pandemic recovery. It covers term loans, overdrafts, asset finance, invoice finance and asset-based lending.

What stayed the same

A government-backed guarantee to accredited lenders
Lenders make the credit decision
The business remains fully liable

What's different

A focus on growth and investment
Extended to run until 31 March 2030
Additional capacity added since launch

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