Supported by The Growth Guarantee Scheme
Our new product - Fixed Rate Soft Asset Loan, backed by the British Business Bank’s (BBB) Growth Guarantee Scheme (GGS) — giving you a way to say yes to good businesses that might have purchases not captured under traditional hard asset finance.
Fixed Rate Soft Asset Loan:
What is GGS
Growth Guarantee Scheme feature
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The Growth Guarantee Scheme (GGS) is designed to support access to finance for UK small businesses as they look to invest and grow. The scheme aims to provide greater certainty over credit risk, enabling InterBay Asset Finance to provide finance to more viable smaller businesses that they wouldn’t otherwise consider. If InterBay Asset Finance can offer a commercial loan on or better terms, we will do so. Growth guarantee scheme backed facilities are provided at our discretion, and we must carry out standard credit and fraud checks for all applicants.
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.The Growth Guarantee Scheme (GGS) is designed to support
access to finance for UK small businesses as they look to invest and grow. The
scheme aims to provide greater certainty over credit risk, enabling InterBay
Asset Finance to provide finance to more viable smaller businesses that they
wouldn’t otherwise consider. If InterBay Asset Finance can offer a commercial
loan on or better terms, we will do so. Growth guarantee scheme backed
facilities are provided at our discretion, and we must carry out standard
credit and fraud checks for all applicants.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.
Growth Guarantee Scheme feature
There are lots of circumstances and situations that could mean a customer is identified as being vulnerable. While a vulnerability may not affect a customer’s ability to manage their finances, it could impact their understanding of the implications of carrying out certain transactions.
The FCA’s four key drivers of vulnerability include:
1. Up to £2m per business group
The maximum amount for a facility provided under the scheme is generally £2m per business group for borrowers outside the scope of the Northern Ireland Protocol, and up to£1m per business group for Northern Ireland Protocol borrowers. Minimum facility sizes vary, starting at £1,000 for asset finance, invoice finance and asset-based lending, and£25,001 for term loans and overdraft
Life events
Such as bereavement, job loss or relationship break down. This can include things such as retirement, income shock, domestic abuse and caring responsibilities.
Resilience
Low ability to withstand financial or emotional shocks, such as inadequate or erratic income, over-indebtedness, low savings and low emotional resilience.
Capability
Low knowledge of financial matters, low confidence in managing money (financial capability) or low capability in other relevant areas, such as literacy or digital skills.
How do I let you know about vulnerable customers?
If you believe a customer may be vulnerable, it’s important you let us know as soon as possible. Don’t be afraid to tell us. Just because a customer has a vulnerability doesn’t mean we’ll automatically turn them down and it certainly won’t have any bearing on our final decision.
Whatever their support needs, our defined and robust approach ensures they’ll be treated fairly, but we can only start putting the necessary measures in place to deliver a satisfactory outcome for everyone involved – your customer, you and us – if you tell us about their specific needs.
You will need to ensure you have either obtained the customer’s consent to share their vulnerability information with us or that you have an alternative lawful basis under data protection law for doing so. When sharing vulnerability information with us, please ensure you have told the customer you will share the information with us and confirm to us the lawful basis you are relying on.
If you’re dealing with a vulnerable customer, or are concerned they may have vulnerabilities, you can contact us in the following ways:
0345 120 2007
fleetsales@interbayassetfinance.co.uk