Following an announcement by the Chancellor yesterday, the Growth Guarantee Scheme is being extended to provide an additional £500 million in lending capacity to smaller businesses across the UK – including those operating in the pet industry.
This expansion comes at a time when many businesses are navigating the financial impact of changes in global tariff rates. For pet businesses that export, the extra lending capacity is intended to ease cashflow pressures and support continuity as global trade conditions evolve.
Delivered by the British Business Bank through a network of around 50 accredited lenders, the scheme offers eligible businesses access to finance of up to £2 million, backed by a 70% government guarantee. It’s part of the government’s wider effort to strengthen SME resilience and promote growth during periods of international uncertainty.
What’s Available?
The scheme supports a broad range of financial products, including:
Term loans
Overdrafts
Invoice finance
Asset finance
While the terms offered will vary depending on the lender and the lending proposal, the scheme is designed to improve the conditions under which finance is offered. If a lender can offer better commercial terms without the guarantee, they will do so.
Key Features at a Glance
Up to £2 million per business group in Great Britain
£1 million cap for businesses within the Northern Ireland Protocol
Open to a wide range of sectors, including pet retail, manufacturing, and services
Available for any legitimate business purpose, including managing cashflow or mitigating the cost of tariffs
The guarantee is to the lender – businesses remain 100% liable for the debt
How to Access the Scheme
Interested businesses should first approach their own banking provider via the lender’s website. If their provider is not part of the scheme, or if the application is unsuccessful, they may approach other accredited lenders. A full list is available on the British Business Bank website.
If you’re a PIF member and need support navigating export challenges or accessing finance, please get in touch.
Loading content...
Dan Everett