British Business Bank scheme unlocks £200m for smaller businesses across Scotland
- By editor
- 2 days ago
- 1 min read
The British Business Bank has reached a landmark milestone by unlocking £200m of debt finance for smaller businesses across Scotland, under its Growth Guarantee Scheme.
Over a thousand (1283) Scottish businesses have benefited from the finance, delivered through 32 lenders operating throughout Scotland, including a number of independent Scottish lenders.
The wholesale and retail sector received most finance (£30.9m), followed by administrative and support-service activities (£23.3m), manufacturing (£20.5m), real estate (£17.9m) and construction (£17.8m).
The Bank’s data revealed that the top-three uses of the finance, by smaller businesses, include purchasing and hiring of specific equipment and machinery (£59.9m), expanding an existing business within the UK (£46.3m) and general working capital requirements (£37.5m).
Reinald de Monchy, chief banking officer at British Business Bank said: “Reaching this £200m lending milestone for the Growth Guarantee Scheme in Scotland is a significant achievement.
"It is also a clear sign of the strength and ambition of Scotland’s smaller businesses and our delivery partners in Scotland. This funding is helping Scottish firms invest, innovate and grow, and we’re proud to see the scheme making such a tangible difference across the country.”
The Growth Guarantee Scheme offers lenders a 70 per cent government-backed guarantee, enabling them to provide more debt finance to smaller businesses.
Launched on 1 July 2024, with a wide range of products supported by a broad variety of accredited lenders, the scheme covers term loans, overdrafts, asset finance, invoice finance and asset-based lending.
Pictured: Reinald de Monchy
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