Fixed Rate Unsecured Loans
Supported by The Growth Guarantee Scheme
Our new product - soft asset and unsecured lending option, backed by the British Business Bankβs (BBB) Growth Guarantee Scheme (GGS) β giving you a way to say yes to good businesses that might have purchases not captured under traditional hard asset finance.
What is GGS?
Overview
β A UK Government guarantee scheme helping viable businesses access finance they couldn't get commercially, or only at a higher price.
β An extension and rename of the Recovery Loan Scheme Phase 3 (RLS Phase 3), with updated terms under the new Guarantee Agreement.
β The guarantee sits between Government and IBAF as the lender β it is not provided to the borrower.
β Borrowers can hold more than one GGS/RLS Phase 3 facility and may also have benefited from BBLS, CBILS, CLBILS or RLS 1/2 β but a Maximum Amount cap applies.
Liability
β The GGS guarantee does NOT remove the borrower's liability for repaying their GGS-supported facility, or reduce any personal guarantor's liability.
β If a borrower defaults, IBAF is entitled to recover the full amount outstanding from them β the guarantee doesn't change that.
β Any money IBAF receives from Government under the guarantee does not reduce what the borrower owes.
β Security - IBAF will take security where it's available, in line with our standard lending policy β subject to the restriction on taking security over a Principal Private Residence (PPR).
β 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 Β£44m.
- Customer must be located and headquartered / registered in Great Britain.
- Customer Group must not have received more than Β£2m GGS or RLS3-funded support since 1st July 2022.
- Customer Group must not have received more than Β£315k GGS subsidy during this and the last 2 fiscal years (1 April to 31 March).
IBAF Loan Offering
Unregulated Fixed Term Loan Agreement
β Loan Amount - Β£25,000 β Β£300,000
β Term - 18β72 months. Arrears profile: monthly or quarterly only
β Pricing - Per the GGS Loan Pricing Guide, in addition to our current Hard Asset Pricing Guide. Document fee fixed at Β£295. Commission & doc fee combined must not exceed 5% of the loan amount
β Payee - Direct Debit mandate must be in the customer's name, as per the Loan Agreement and Loan funds remitted to DDM account only
β Loan Purpose - Detailed on the Prequalification Form/Proposal and the Loan Agreement
Suitable Examples:
β IT & Software including Cyber Security
β Telecoms
β Warehouse fit-outs / racking / adding additional space
β Security equipment - CCTV, lighting, flooring etc.
β Mezzanine flooring
β Conveyor systems (individual sections)
β Attachments (plant and machinery)
β Garage equipment
β Modular buildings / offices
β Assets from abroad unsuitable for Hire Purchase (foreign suppliers/currency)
β Staged payment deals
β Top-up loans for items unsuitable as part of a refinance
β Assets unsuitable on age / refurbished assets
β Supply route issues
β Commercial gardening equipment (e.g. golf course kit)
β Management buy-outs
β Product development / investment
Unsuitable Examples
β Distressed situations for cashflow / working capital
β Purchase of property / outbuildings
β Development of a private residence
β Investment in staff / people
β Cattle / livestock
β Stocking finance
β Short-term funding / bridging
β Tax, VAT or Professional Indemnity funding
β Any sectors outside IBAF policy
Getting in contact
Our experienced team understands how important your business is to you. Get in touch today to speak with our asset finance experts and see how we can support you.
General enquiries:
salessupport@interbayassetfinance.co.uk
In life enquiries:
customerservice@interbayassetfinance.co.uk
InterBay Asset Finance, Sentinel House, Ancells Business Park, Harvest Crescent, Fleet GU51 2UZ
0345 120 2007
fleetsales@interbayassetfinance.co.uk