More firms in East Midlands become eligible for British Business Bank’s Growth Guarantee Scheme

The British Business Bank’s Growth Guarantee Scheme is expanding its reach, enabling accredited lenders to support businesses with group turnover of up to £54m, increased from £45m. This means that more than 12,000 businesses across the UK could benefit from the Scheme if the lender cannot provide finance on more commercial terms.

The new eligibility criteria come into effect from the end of October, and lenders will begin offering facilities as they adopt the updated Scheme terms. The Scheme already supports term loans and asset finance facilities with repayment terms ranging from three months to six years. Additionally, from October 2026, some participating lenders may be able to offer repayment terms of up to 10 years for these types of facilities, with a maximum size of up to £1.1m (£550,000 in Northern Ireland). 

Making an impact in the East Midlands

Smaller businesses in every Nation and region of the UK have benefited from lending via the Growth Guarantee Scheme. In the East Midlands, 1,901 businesses have benefited.

Business Secretary Jonathan Reynolds said: "This government wants to back the innovative spirit of entrepreneurs across this country, and we know access to growth finance is crucial to this.  

"I fully back the decision by the British Business Bank to expand eligibility to more businesses, providing them with the opportunity to invest, create jobs and help build a stronger economy."

David Hourican, Interim Chief Executive, British Business Bank, said: “The eligibility changes for the Scheme, plus the £6.5bn funding boost announced by the Government in the summer, mean tens of thousands more smaller businesses across all parts of the UK are able to access the finance they need to realise their full potential.

“With more than £4bn of lending already completed under the Scheme, there is great momentum and strong appetite for growth and expansion amongst smaller businesses in all corners of the UK.

“From manufacturing and retail to hospitality, professional services and the UK’s world leading tech and creative industries, the Growth Guarantee Scheme is supporting a broad range of sectors that are central to our local, regional and national economic strength”.