Momenta Finance is proud to announce its participation in the newly unveiled Growth Guarantee Scheme. The scheme is an extension and rebrand of the Recovery Loan Scheme, as announced by the Chancellor in the 2024 Spring Budget. This initiative, managed by the British Business Bank, is designed to provide crucial support to the UK’s small and medium-sized enterprises (SMEs).
Momenta Announces Participation in the Growth Guarantee Scheme
The Growth Guarantee Scheme aims to facilitate increased access to finance for smaller businesses by offering a 70% government-backed guarantee to participating lenders on loans up to £2m. This move is expected to support approximately 11,000 businesses from 1 July 2024 to 31 March 2026.
Supporting UK Businesses
The first two iterations of the Recovery Loan Scheme have already made significant impacts, enabling £4.3bn of finance to smaller UK businesses, with the third iteration offering over £1bn since August 2022, according to the British Business Bank (Figures as at the end of March 2023).
Accredited by the British Business Bank, Momenta Finance will offer business loans ranging from unsecured £50,000 – £350,000 and up to £1.5m secured. Since being accredited by the British Business Bank, we have supported over 300 smaller businesses with over £67m in funding by working with the British Business Bank. And we look forward to continuing that support under the Growth Guarantee Scheme.
With the Growth Guarantee Scheme, the key terms remain consistent with its predecessor, ensuring continuity and stability for both lenders and the business community. This means businesses can continue to benefit from:
- A 70% government-backed lender guarantee
- Competitively fixed interest rates
- Assurance that Principal Private Residences cannot be taken as security
- Eligibility for previous applicants of Coronavirus Business Interruption Loan Scheme (CBILS), Bounce Back Loan Scheme (BBLS), or the Recovery Loan Scheme
- Flexibility to use funds for almost all business purposes.
“At Momenta Finance, we understand the challenges faced by SMEs, especially in these uncertain times. Our participation in the Growth Guarantee Scheme reaffirms our commitment to supporting the growth and sustainability of small and medium-sized businesses across the UK,” said Luke Jooste, CEO of Momenta Finance. “We are dedicated to providing accessible and reliable financial solutions that empower businesses to thrive.”
Amanda Hardy, Head of Capital Markets for Momenta Finance commented: “We are delighted to continue our role as delivery partner on this critical scheme. Working with the British Business Bank on our shared goal to champion SMEs as the heartbeat of the UK economy.”
About Momenta Finance
Momenta Finance, formerly Merchant Money, is a leading provider of alternative finance solutions headquartered in London, United Kingdom. Established in 2013, Momenta offers a suite of lending options, including unsecured and secured business finance, bridging and cash advances. The company’s commitment to transparency, tailored and credible funding has made it a trusted partner for businesses seeking financial support. Momenta Finance is accredited by the British Business Bank.
