Start-ups and GGS
A start-up is eligible for GGS at the discretion of the lender, and subject to meeting the eligibility criteria. The lender must find the borrowing proposal viable. Term loans and overdrafts start at £25,001, and asset finance, invoice finance and asset-based lending from £1,000.
Start Up Loans
For early-stage businesses in their first three years of trading, the British Business Bank's Start Up Loans programme, with loans from £500 to £25,000, may also be suitable. You can find more at startuploans.co.uk.
The two are separate. Start Up Loans are small and for early-stage businesses, while GGS facilities start at £1,000 or £25,001 depending on the product and go up to £2 million.
How to choose
If you need less than £25,001 for a term loan or overdraft, GGS may not apply, and Start Up Loans may fit better. For equipment or invoice finance from £1,000, GGS may be an option. Either way, a lender or the programme assesses your proposal.
Work out a Start Up Loan with the start up loan calculator.
For the numbers on new businesses, see the GGS for start-ups guide.
QUESTIONS
Growth Guarantee Scheme vs Start Up Loans: questions
Can a new business get a GGS loan?
Yes, at the discretion of the lender and subject to meeting the criteria. The lender must find the proposal viable.
What is the Start Up Loans range?
Loans from £500 to £25,000 for early-stage businesses in their first three years of trading, according to the British Business Bank.
Can I have both?
They are separate programmes. Ask your lender how a Start Up Loan would be treated if you apply for GGS.