Simply Asset Finance, the specialist business lending provider, has been accredited by the British Business Bank (BBB) to lend to new and existing customers under the Growth Guarantee Scheme (GGS), the new iteration of the Recovery Loan Scheme (RLS).
The Growth Guarantee Scheme builds on the work of the Recovery Loan Scheme, helping smaller businesses access the right type of finance they need to grow and thrive.
The accreditation will see Simply extend its relationship with the British Business Bank, which has seen the business distribute funds to smaller businesses since the first iteration of the Recovery Loan Scheme was introduced in April 2021.
With the International Monetary Fund (IMF) updating its latest economic growth forecast to 0.7% for 2024, and with a further 1.5% growth predicted for 2025, there are clear opportunities to be taken advantage of in the second half of the year and beyond.
Simply is able to accept and process applications for the scheme immediately, and applicants can apply via a designated portal on Simply’s website, where they can also review the full criteria of the scheme.
Mike Randall, CEO at Simply Asset Finance, said: “Being accredited to continue to lend under the scheme, now under the ‘Growth Guarantee Scheme’ banner, is a vote of confidence from the BBB.
“Our purpose is clear – empowering SMEs to realise their potential, grow and thrive. And our team of experts has worked tirelessly to deliver agile and speedy finance for the UKs SMEs.
“Having helped them successfully seize opportunities for growth and recovery in recent years, we’re now looking forward to being there to support them in the next stage of their journey too.
“There’s a huge opportunity out there for UK businesses who are the backbone of our economy, and it’s vital we act now to give them the finance they need to achieve their ambitions.
“By truly understanding them, their vision for growth, and the assets they need to succeed, we’re able to deliver an unparalleled and truly valued asset finance service.”
