Asset finance specialist accredited to support UK SMEs through Growth Guarantee Scheme
Tamworth-based equipment leasing and asset finance specialist Shire Leasing PLC has been accredited to deliver the government-backed Growth Guarantee Scheme (GGS), via the British Business Bank.
The successor scheme to the Recovery Loan Scheme launched on 1 July 2024 and is designed to support access to finance for UK small businesses as they look to invest and grow.
The Growth Guarantee Scheme aims to improve the terms on offer to borrowers. If lenders can offer a commercial finance solution on better terms, they will do so.
Through the accreditation, Shire Leasing will be able to offer asset finance solutions between £15,000-£250,000 on improved terms, as well as term loans between £25,100-£100,000 for businesses requiring a cash flow injection.
Their solutions will be available to customers over two to five-year terms.
Managing director of Shire Leasing, Helen Lumb (pictured), said: “We are pleased to be accredited to deliver our flexible finance solutions through the Growth Guarantee Scheme and continue our long-standing partnership with the British Business Bank.”
Shire Leasing have been partners of the British Business Bank dating back to 2014 when they received an £80m boost, the bank’s first investment structured as a block funding facility, comprising £40m matched by £40m private sector funding.
Since then, Shire Leasing has gone on to receive £99.8m through the Bank’s ENABLE Funding programme, £6.6m of mezzanine funding provided by British Business Investments (a commercial subsidiary of the bank) and delivered on all iterations of the Coronavirus Business Interruption Loan Scheme (CBILS) and the Recovery Loan Schemes.
Helen Lumb added: “The Growth Guarantee Scheme accreditation certainly offers stability and assurance to us as lenders.
“More importantly though, the government-backed scheme drives awareness of alternative finance providers and options amongst UK SMEs, introduces improved terms across the finance market and continues to provide businesses with the confidence to invest in their growth.”
Shire Leasing is taking Growth Guarantee Scheme applications from eligible businesses and have set out their offering on their dedicated GGS webpage.
