Fleet businesses and SMEs running company vehicles that are affected by global tariff changes can now access additional financial support through the British Business Bank’s Growth Guarantee Scheme.

The Chancellor has announced that the scheme will receive extra capacity to support around £500m of additional lending to smaller UK businesses, including those operating vehicle fleets that may face cashflow challenges due to changing tariff rates.

The expanded scheme provides lenders with a 70% government-backed guarantee, enabling them to offer loans of up to £2m to viable businesses.

The funding can be used for legitimate business purposes including managing cashflow disruptions or working capital requirements.

Available through approximately 50 accredited lenders, the Growth Guarantee Scheme supports a variety of finance solutions including term loans and overdrafts specifically designed to address cashflow challenges.

Businesses interested in accessing this support should approach their own provider initially or consider other accredited lenders listed on the British Business Bank website if unable to secure the finance they need.

Reinald de Monchy, co-chief banking officer, British Business Bank, said: “The Growth Guarantee Scheme and its predecessors have proven themselves to be an important means of supporting smaller UK businesses over the last forty years.

“The Growth Guarantee Scheme can be used counter-cyclically, enabling smaller businesses to obtain funding during times of uncertainty such as we are experiencing currently.

“It is therefore important and necessary to see additional capacity made available to support smaller UK businesses at this time.” The initiative is part of over £1bn in funding confirmed by the Government at Autumn Budget 2024 for the British Business Bank’s programmes throughout 2025/26.”