Atom Bank Accredited as Lender Under Growth Guarantee Scheme

As the UK’s small and medium-sized businesses continue to face challenges in accessing finance, Atom Bank has been accredited as a lender under the British Business Bank’s Growth Guarantee Scheme (GGS). This accreditation is a significant milestone for Atom Bank, which has been a proud participant in previous schemes, offering significant levels of funding to businesses as they looked to initially recover from the pandemic and more recently as they look to invest and grow.

The Growth Guarantee Scheme aims to support around 11,000 businesses.

The GGS, which started in July this year and runs until March 31, 2026, is expected to support around 11,000 businesses, with lenders provided with a 70% government-backed guarantee on facilities of up to £2m. This scheme is a successor to the Recovery Loan Scheme, which was designed to support access to finance for small and medium-sized businesses in the UK.

“Atom bank has been a proud participant in previous schemes, offering significant levels of funding to businesses as they looked to initially recover from the pandemic, and more recently as they look to invest and grow.” - Tom Renwick, Head of Business Lending at Atom

Prior to its accreditation, Atom Bank made a suite of changes to its commercial mortgage proposition, allowing the bank to support an even wider range of British businesses. The maximum loan-to-value on large commercial mortgages was increased, so that mortgages of up to £5m can now be obtained at up to 75% LTV against the market valuation, while rates across the range have been reduced by up to 0.68%. A further 0.25% discount is available on all loans between £2m and £4m.

Atom Bank’s commercial mortgage proposition has been enhanced to support more businesses.

Intermediaries can instruct a valuation at any point up to the issuing of an approval in principle, which can slash the time from offer to completion by up to seven weeks. This is a significant improvement, as it allows businesses to access the funding they need more quickly and efficiently.

As a champion of SMEs, Atom Bank is determined to continue to unlock the funding they need in order to reach their ambitions. With its accreditation under the GGS, Atom Bank is well-positioned to support even more businesses as they look to grow and thrive.

SMEs are the backbone of the UK economy, and Atom Bank is committed to supporting them.

In conclusion, Atom Bank’s accreditation under the Growth Guarantee Scheme is a significant development for the UK’s small and medium-sized businesses. With its enhanced commercial mortgage proposition and commitment to supporting SMEs, Atom Bank is well-positioned to make a positive impact on the UK economy.