THE British Business Bank has introduced new eligibility rules which will enable more construction businesses to access its Growth Guarantee Scheme.
Accredited lenders will now be able to offer the Growth Guarantee Scheme to small and medium-sized construction businesses with group turnover of up to £54 million – an increase from £45 million previously.
Based on current deployment, potentially 1,200 construction businesses could benefit from the changes.
The scheme already supports term loans and asset finance facilities with repayment terms ranging from three months to six years. From November 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 £1.1 million (£550,000 in Northern Ireland).
The scheme has provided a total of £418.8 million of finance for 2,785 businesses operating in the construction sector since August 2022.
Reinald de Monchy, chief banking officer, British Business Bank, said, “The broader scheme eligibility rules, plus the £6.5 billion funding boost announced by the government in the summer, mean tens of thousands more smaller businesses across all parts of the UK can now access the finance they need to realise their full potential. The scheme continues to build great momentum to meet the strong appetite for growth and expansion amongst smaller businesses in all corners of the UK.”
The British Business Bank partners with the private sector to increase the supply and variety of debt finance so that more smaller businesses can start, grow and thrive. Its Growth Guarantee Scheme supports a range of lending products through a variety of accredited lenders including term loans, overdrafts, asset finance, invoice finance and asset-based lending.
