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The scheme is open to smaller businesses with a turnover of up to £45 million, operating in the UK and generating over 50% of their income from trading activities. Businesses must also demonstrate a viable proposition and not be in difficulty or insolvency.

Interest rates and fees will vary depending on the lender and the specific proposal. The government guarantee may influence pricing, and personal guarantees may be requested by lenders as part of their normal lending practices.

Businesses outside the Northern Ireland Protocol can borrow up to £2 million, while those within the protocol can access up to £1 million. Minimum amounts vary based on the type of finance, starting at £1,000.

Funds from the Growth Guarantee Scheme can be used for any legitimate business purpose, including managing cash flow and making investments. However, businesses must ensure they can afford to take on additional debt.