Atom Bank Leads the Way in Supporting UK SMEs

As a proud champion of small and medium-sized enterprises (SMEs) across the UK, Atom bank has recently achieved accreditation under the new Growth Guarantee Scheme. This scheme, administered by the British Business Bank, is designed to support access to finance for SMEs, helping them grow and succeed.

Supporting SMEs in the UK

The Growth Guarantee Scheme, which runs from 1st July 2024 until 31st March 2026, is expected to support around 11,000 businesses. Lenders, like Atom bank, are provided with a 70% government-backed guarantee on facilities of up to £2m. This accreditation demonstrates Atom bank’s commitment to championing the nation’s small businesses.

‘We are delighted to have been accredited for the Growth Guarantee Scheme, in recognition of our passion and support of SMEs across the UK as they look to achieve sustainable growth.’ - Tom Renwick, Head of Business Lending at Atom bank

Prior to accreditation, Atom bank made significant changes to its commercial mortgage proposition, allowing the bank to support an even wider range of British businesses. The maximum loan-to-value (LTV) on large commercial mortgages was increased, and rates across the range were reduced by up to 0.68%. A further 0.25% discount was made available on all loans between £2m and £4m.

Atom bank’s commercial mortgage proposition

These changes, combined with processing improvements, have slashed the time between application and the issuing of an agreement in principle (AIP) by 94%. AIPs are now typically delivered on the same day, while the typical elapsed time between application and offer has been cut by 61%.

Atom bank’s commitment to SMEs is evident in its participation in previous schemes, such as the Recovery Loan Scheme (RLS) and the Coronavirus Business Interruption Loan Scheme (CBILS). The bank has provided funding of more than £235m to date, making it one of the biggest lenders through the RLS scheme.

Atom bank’s participation in the RLS scheme

As the UK economy continues to evolve, Atom bank remains dedicated to unlocking the funding SMEs need to reach their ambitions. With its accreditation under the Growth Guarantee Scheme, the bank is poised to make an even greater impact on the UK’s SME community.

SMEs are the backbone of the UK economy

In conclusion, Atom bank’s accreditation under the Growth Guarantee Scheme is a testament to its unwavering commitment to supporting UK SMEs. As the bank continues to innovate and adapt to the changing needs of businesses, it’s clear that SMEs are in good hands.