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Departmental Contingent Liability Notification (Growth Guarantee Scheme)

24 May 2024

Proposing MP
Kevin Hollinrake Con
Thirsk and Malton
Type
Written Ministerial Statement
Department
Department for Business and Trade
View on Parliament.uk -->

At a Glance

Issue Summary

The statement discusses the introduction and details of the Growth Guarantee Scheme (GGS), which replaces the Recovery Loan Scheme starting from July 1, 2024.

Action Requested

I am laying a Departmental Minute today to describe the liability undertaken for the GGS. The scheme will facilitate up to £2.19 billion in finance and has a maximum contingent liability of £1.533 billion until at least March 31, 2026.

Key Facts

  • Growth Guarantee Scheme (GGS) replaces Recovery Loan Scheme from July 1, 2024.
  • GGS will run until at least March 31, 2026.
  • The scheme is forecast to facilitate £2.19 billion of finance.
  • Minimum facility size for loans and overdrafts is £25,001; £1,000 for asset and invoice finance products.
  • Maximum contingent liability for the GGS is £1.533 billion.
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