What is GGS?

Overview

• A UK Government guarantee scheme helping viable businesses access finance they couldn't get commercially, or only at a higher price.
• An extension and rename of the Recovery Loan Scheme Phase 3 (RLS Phase 3), with updated terms under the new Guarantee Agreement.
• The guarantee sits between Government and IBAF as the lender — it is not provided to the borrower.
• Borrowers can hold more than one GGS/RLS Phase 3 facility and may also have benefited from BBLS, CBILS, CLBILS or RLS 1/2 — but a Maximum Amount cap applies.

Liability

• The GGS guarantee does NOT remove the borrower's liability for repaying their GGS-supported facility, or reduce any personal guarantor's liability.
• If a borrower defaults, IBAF is entitled to recover the full amount outstanding from them — the guarantee doesn't change that.
• Any money IBAF receives from Government under the guarantee does not reduce what the borrower owes.
• Security - IBAF will take security where it's available, in line with our standard lending policy — subject to the restriction on taking security over a Principal Private Residence (PPS).
• Personal Guarantees - Personal guarantees may be used for GGS facilities at IBAF's discretion, in line with normal lending policy.

Eligibility Criteria

What we need for an initial proposal

• Your Proposal Form, Completed Pre-Qualification Form / Turnover Information plus 3 months bank statements
• Customer Group must be an SME with turnover of less than £44m.
• Customer must be located and headquartered / registered in Great Britain.
• Customer Group must not have received more than £2m GGS or RLS3-funded support since 1st July 2022.
• Customer Group must not have received more than £315k GGS subsidy during this and the last 2 fiscal years (1 April to 31 March).