Growth Guarantee Scheme set to benefit Norfolk & Suffolk businesses
The Labour Government is pledging a 'Growth Guarantee Scheme' to help thousands of small firms accelerate their growth plans.
Responding to news that the British Business Bank has launched the Growth Guarantee Scheme, Candy Richards, Development Manager of the Federation of Small Businesses (FSB) East Anglia said:
“We are delighted that the British Business Bank has officially launched the Growth Guarantee Scheme, to get much-needed finance to start-ups and scale-ups, so they can grow.
"The Growth Guarantee Scheme will run until March 2026, and aims to support 11,000 small businesses over that time period, with 41 lenders already signed up, and 20 already open for applications.
“Small firms’ borrowing environment remains held back by stubbornly high interest rates and some reluctance among lenders to extend finance to firms seen as riskier and less viable due to their size and the diversity of proposals compared to their corporate counterparts.
“We will be working closely with all parts of Government as they look to deliver on the Labour party’s manifesto. The Growth Guarantee Scheme will be an important part of the funding landscape for small firms in Norfolk and Suffolk, whose growth will be an indispensable ingredient in overall economic recovery in the East of England.”
The FSB has over 6,000 members across Norfolk and Suffolk and is a not-for-profit body representing small business owners and the self-employed. For more information, please visit: https://www.fsb.org.uk/membership/fsb-regions-and-nations/fsb-east-of-england.html
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Monday, 8 July 2024