Extra funding has been made available for the ‘Growth Guarantee Scheme’ as Government seeks to support SMEs amid global volatility.
Delivered by the British Business Bank via around 50 accredited lenders, the scheme has so far enabled around £2.1bn of finance through over 13,000 facilities.
Businesses in the West Midlands can use the finance for managing cash flow, working capital requirements amid changes to global tariffs or any other legitimate business purpose.
The extra funding will enable lenders to provide around £500m of additional finance for SMEs.
Businesses are advised to contact a participating lender to apply for up to £2m, starting with their own provider in the first instance, ideally via the lender’s website.
This isn’t the first time businesses in the West Midlands have benefited from a government-backed lending scheme, with one in five businesses in the West Midlands having been previously supported by covid-19 lending schemes.
Reidald de Monday, Co-Chief Banking Officer, British Business Bank, said “The Growth Guarantee Scheme and its predecessors have proven themselves to be an important means of supporting smaller UK businesses over the last 40 years.”
The Growth Guarantee Scheme increase comes as the government increases other government-backed financing.
Other measures include the UK Export Finance (UKEF) receiving the power to expand financing support for British businesses by £20 billion.
Further measures include an £80 billion boost for businesses, meaning they can access government finance to help grow domestically and overseas.
In a statement, Chancellor, Rachel Reeves, said: “The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead.”
