'Opportunity to invest, create jobs and help build a stronger economy': More Northern Ireland businesses eligible for expanded £6.5bn finance scheme
British Business Bank increases turnover threshold for its Growth Guarantee Scheme, potentially opening up access to finance for thousands more firms across the UK
More businesses in Northern Ireland will be eligible for government-backed finance following an expansion of the British Business Bank’s Growth Guarantee Scheme.
The scheme has widened its eligibility criteria, allowing accredited lenders to support businesses with group turnover of up to £54m, an increase from the previous £45m threshold.
The changes, which came into effect at the end of October 2026, could make more than 12,000 additional businesses across the UK eligible for support, where lenders are unable to provide finance on more commercial terms.
Lenders will begin offering facilities under the revised criteria as they adopt the updated scheme rules.
The Growth Guarantee Scheme supports smaller businesses seeking finance to invest and grow, with accredited lenders able to provide term loans and asset finance facilities with repayment periods ranging from three months to six years.
From October 2026, some participating lenders may also offer repayment terms of up to 10 years for these facilities, with a maximum facility size of £1.1m across the UK and £550,000 in Northern Ireland.
The scheme has already supported 289 businesses in Northern Ireland, with smaller firms in every nation and region of the UK benefiting from the lending programme.
Business Secretary Jonathan Reynolds said: “This government wants to back the innovative spirit of entrepreneurs across this country, and we know access to growth finance is crucial to this.
“I fully back the decision by the British Business Bank to expand eligibility to more businesses, providing them with the opportunity to invest, create jobs and help build a stronger economy.”
David Hourican, interim chief executive of the British Business Bank, said: “The eligibility changes for the scheme, plus the £6.5bn funding boost announced by the Government in the summer, mean tens of thousands more smaller businesses across all parts of the UK are able to access the finance they need to realise their full potential.
“With more than £4bn of lending already completed under the scheme, there is great momentum and strong appetite for growth and expansion amongst smaller businesses in all corners of the UK.
“From manufacturing and retail to hospitality, professional services and the UK’s world-leading tech and creative industries, the Growth Guarantee Scheme is supporting a broad range of sectors that are central to our local, regional and national economic strength.”