British Business Bank relaunches growth scheme

The British Business Bank has approved 41 lenders to provide loans guaranteed by the state to thousands of small businesses in deprived communities over the next two years

The government’s economic development agency said the relaunched “growth guarantee scheme”, which it administers on behalf of the business secretary, now confirmed as Jonathan Reynolds, would help business owners to secure the finance they needed to invest and grow.

The bank said the guarantee should support about 11,000 businesses by March 2026. Twenty lenders, ranging from NatWest to Allica Bank to the West Midlands-based ART Business Loans, have confirmed that they are open for applications.

The scheme’s continuation was first confirmed by Jeremy Hunt, the former chancellor, in his March budget.

“The scheme is an important part