Chancellor Rachel Reeves revealed an SME funding package ahead of her Mansion House speech on July 14, 2026. The most notable measures for scale-ups are:
- Expansion of the Growth Guarantee Scheme
- Portfolio guarantee scheme for exporters
- Expanded ENABLE Guarantees
- New Growth Alliance
Here’s what you need to know about each.
Expansion of the Growth Guarantee Scheme
This announcement is the main event for small businesses. The Growth Guarantee Scheme provides a 70% government guarantee on commercial loans to SMEs of up to £2 million
The scheme will be scaling up to facilitate an extra £2 billion of SME funding by 2028/29. That means:
- An increase in the maximum loan length from six years to 10 years for loans of up to £1.1 million
- An increase in the maximum size of a loan from £45 million to £54 million
British Business Bank reckons this will help an extra 12,000 SMEs by 2028/29. Every £1 spent on the scheme is estimated to support £10 of lending by banks.
Portfolio Grant Scheme
Launching in spring 2027, the portfolio grant scheme will help companies access lending to support exporting and expand into international markets.
Expanded ENABLE Guarantees
The British Business Bank has allocated £500 million of the financial capacity to its existing ENABLE scheme for scaling firms that are rich in intellectual property.
New Growth Alliance
The government is setting out a ‘comprehensive package of reforms,’ making it easier for scale-ups to access financing, including a New Growth Alliance.
Irene Graham OBE, CEO, ScaleUp Institute, said:
“The announcement of the expansion of the British Business Bank’s Growth Guarantee Scheme and ENABLE Programme, alongside a new package of services delivered jointly by UK Export Finance and the British Business Bank, represents a welcome package of support for innovative scaling companies seeking to expand internationally and grow their exports.”
Read more
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