Time Finance, a provider of SME business finance, has been accredited as a lender under the Government’s Growth Guarantee Scheme (GGS). This move aims to support small businesses by providing essential funding to facilitate investment and growth.
The GGS, launched in July as the successor to the Government’s Recovery Loan Scheme, is designed to help smaller businesses access finance. Available through Time Finance’s Asset Finance division, the scheme will enable businesses to obtain new equipment quickly, allowing them to expand or adapt their operations as needed.
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The scheme is open to businesses with turnovers of up to £45 million and is administered by the British Business Bank. It aims to improve the terms of finance deals up to £1 million, with around 11,000 small businesses across the UK expected to benefit.
Steve Nichols, Managing Director of Asset Finance at Time Finance, remarked: “Business finance is about providing solutions that enable businesses to survive and thrive. The range of recovery and growth initiatives facilitated by the British Business Bank over the past four years highlights the importance of striking that balance.”
Nichols added that while previous schemes focused on survival during the pandemic, the Growth Guarantee Scheme marks a shift towards a more optimistic era of growth. “We’re proud to have become an accredited lender for our Asset Finance solution and to offer more SMEs access to the vital equipment they need,” he said.
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