In total, the scheme has delivered more than £2.5bn in lending since its launch in July 2024, with more than 2,393 small businesses benefitting.

In addition, the Growth Guarantee Scheme has supported more than 20 different business sectors across the UK, including delivering £368m to manufacturing and over £350m to wholesale and retail.

Of the £2.5bn total, over £630m (27%) of lending has been provided to companies less than five years old.

69% of lending through the scheme has reached businesses outside of London and the South East.

The North West, West Midlands, East of England and Yorkshire & The Humber regions have each received more than £200m in lending through the scheme.

The Growth Guarantee Scheme launched on 1st July 2024 with a range of products supported by a variety of accredited lenders, including term loans, overdrafts and asset finance.

The scheme can support facility sizes of up to £2m and provides the lender with a 70% government-backed guarantee.

Chancellor of the Exchequer Rachel Reeves commented: “The Growth Guarantee Scheme has made a huge impact on our regional economies, helping smaller businesses across the UK to invest and grow, creating jobs and putting more money in people’s pockets.

“The British Business Bank’s mission to support the financing needs of smaller businesses is vital to our Plan for Change growth mission, which is why we increased its firepower by two-thirds at the Spending Review”.

•   The Finance Professional Show 2024: The Video
•   British Business Bank funds construction sectors with £2.3bn
•   Shawbrook secures £150m from British Business Bank

Reinald de Monchy, chief banking officer at the British Business Bank, said: “This milestone is a demonstration of the important work done by the 50+ delivery partners who have signed up to the Growth Guarantee Scheme since its launch in July 2024.

“In particular, the construction and real estate sectors highlight the opportunities this scheme can unlock for small enterprises, with over 2,300 local businesses experiencing its impact across the UK.”

Stefan Wolvaardt, chief financial officer at Simply Asset Finance, added: “With the government setting ambitious growth targets, injecting further funding into the system was crucial if we are to help SMEs across the UK achieve their potential.

“This is very welcome and we’re proud to be working alongside the British Business Bank to help deliver the Growth Guarantee Scheme.”

Phil Hughes, deputy managing director of SME lending at Paragon Bank, said: "The Growth Guarantee Scheme has proven to be a powerful tool in enabling Paragon to provide greater support to ambitious UK businesses who need funding.

“The strong early results and high demand are clear indicators of its effectiveness — with continued support from the British Business Bank, we look forward to expanding our efforts even further."

Tina McKenzie, policy chair at the Federation of Small Businesses (FSB), commented: “FSB campaigned for the Growth Guarantee Scheme to be created, and so we’re pleased to see this latest lending record, which shows just how vital the scheme has been to so many small businesses up and down the country.

“Small firms will be the engine of future economic growth, so getting them the finance they need is key. The Growth Guarantee Scheme reaches promising businesses that might otherwise not be able to turn their business plan into reality.”