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A government-backed loan, on one application.
Funding Circle is an accredited lender under the British Business Bank’s Growth Guarantee Scheme. Apply once and they assess you for a standard loan and a Growth Guarantee Scheme loan, and offer whichever gives you the better terms.
What the guarantee means.
The guarantee is to the lender, not to you. You still owe the full amount, and you repay it in the same way as any other loan.
It lets Funding Circle lend to businesses it otherwise couldn’t, or lend on better terms than it otherwise would.
Your main home cannot be taken as security under the scheme.
What you get.
A standard business loan in most respects, with the scheme’s rules on top.
Fixed repayments
The rate is fixed for the term, so you know the monthly cost on day one.
Longer terms
From two years to six years, which keeps the monthly repayment down on a larger sum.
Same speed as a standard loan
One application covers both; Funding Circle decides in days, not weeks.
A personal guarantee is still required
The scheme protects the lender, not the borrower. Funding Circle asks every director to sign a personal guarantee, and your main home can’t be taken as security.
Who can apply.
- A UK limited companyFunding Circle’s published eligibility for the scheme names limited companies.
- Trading at least two yearsIn the UK.
- Turnover under £30 millionThe scheme’s cap.
- Not in financial difficultyNo ongoing insolvency proceedings.
- Not already over the scheme’s limitEarlier government-backed borrowing can reduce what’s available.
How it works with Atlas.
Atlas is a Funding Circle partner: we introduce, Funding Circle decides and lends, and we may receive a commission.
- 1
Tell us what the money’s for
A rough figure, a rough timeline and how long you’ve traded. Ten minutes.
- 2
We check the scheme is open to you
Two years’ trading and the turnover cap. If it isn’t, the standard loan may be.
- 3
Check and apply once
Funding Circle assesses the standard loan and the scheme loan together and offers the better terms.
- 4
Money lands, Atlas stays
Funds typically within 48 hours of approval. We stay the number you ring.
Government-backed or standard business loan?
You don’t choose: one application assesses both, and Funding Circle offers whichever gives you the better terms.
| Government-backed loan | Business loan | |
|---|---|---|
| Amount | £25,001–£250,000 | £10,000–£750,000 |
| Term | two years to six years | six months to six years |
| Rate | From 13.4% per year plus completion fee | From 6.9% per year plus completion fee |
| Trading history | two years | one year |
| Main home as security | Never, under the scheme | Not taken; the loan is unsecured |
Growth Guarantee Scheme questions.
What is the Growth Guarantee Scheme?
A British Business Bank scheme that gives accredited lenders a government guarantee on part of each loan, so they can lend to more businesses, or on better terms.
Who is it for?
UK businesses trading at least two years with turnover under £30 million, borrowing for a business purpose such as working capital or investment.
Does the government pay if I can’t?
No. The guarantee protects the lender. You remain liable for the full amount.
Is my house at risk?
Not under the scheme: a main home can’t be taken as security. A personal guarantee is still required.
Why the higher starting rate?
It reflects the businesses the scheme is designed to reach. If the standard loan would cost you less, Funding Circle offers that instead.
What’s Atlas’s role?
We’re a Funding Circle partner. We check it’s the right product for you and introduce you. Funding Circle decides and holds the agreement. We may receive a commission.
Related.
Tell us what the money’s for.
One application, two products assessed. We’ll set you up with the right one.
Excellent4.5 out of 5TrustpilotImportant information. Atlas Payments (Robles Payments Limited, company number 16864953) introduces customers to Funding Circle Ltd, authorised and regulated by the Financial Conduct Authority. Atlas Payments does not lend and does not make lending decisions. All products are subject to status and a full assessment by Funding Circle; limits, rates and fees depend on your business and the product. Available to UK limited companies and LLPs. We may receive a commission from Funding Circle when a product is taken out.
Cashback business credit card: representative 34.9% APR (variable), rates from 14.9%. 2% cashback on eligible spend for the first six months, up to £2,000, then 1% uncapped. Up to 42 days interest free on purchases when the balance is paid in full. The FlexiPay Business Credit Card is issued by Monavate Ltd. Think carefully before borrowing. Repayments must be affordable for your business.