On 12 July 2026 the Chancellor announced a major expansion of the British Business Bank's Growth Guarantee Scheme, unlocking a further £6.5bn of lending over four years and lifting annual scheme capacity from £1.35bn to £3.35bn by 2028/29. Turnover eligibility rises from £45m to £54m, and maximum terms for loans up to £1.1m extend from 6 to 10 years, with the scheme expected to help roughly 33,000 more businesses.
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UK expands Growth Guarantee Scheme: £6.5bn more SME lending, turnover cap up to £54m
Why this matters for founders
UK founders raising debt should ask their accredited GGS lender about the longer 10-year terms and the higher turnover ceiling before drawing new facilities. The 70% government guarantee makes it easier to secure growth capital without heavy personal collateral.
Source: Startups.co.uk (reporting British Business Bank announcement)
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