Growth Guarantee Scheme refinancing

What can be refinanced

The British Business Bank says you can use GGS to refinance an existing BBLS, CBILS or RLS facility, in part or in full, where your total financing needs (including any increase) are greater than the minimum facility sizes under GGS. You can also use it, in certain circumstances, to refinance an existing commercial facility, for example where the business is trying to put itself on a more stable financial footing or improve its working capital.

Refinancing can be done with or without an increase in the original borrowing.

A new application

Any refinancing is considered a new application. It must meet the eligibility criteria and the lender's criteria, and it can be sought from your existing lender or a different accredited lender. Existing BBLS borrowers can refinance, but borrower protections and the scheme's eligibility and terms differ, so talk to your lender first.

Work out whether it saves money

A longer term can lower the monthly payment while raising the total interest. Compare the change in your monthly payment with the change in total cost, counting fees and any early settlement charge on the old loan.

Use the GGS refinancing calculator to see both results.

To see what a lump sum would save, use the GGS early repayment calculator.