Atom bank has broadened its lending criteria under the government-backed Growth Guarantee Scheme (GGS), extending eligibility to first-time buyers and easing requirements for care home operators.
Previously, applicants were required to show at least two years of business ownership experience. Under the revised policy, first-time buyers will now be considered for all GGS-eligible businesses, bringing the criteria into line with the lender’s existing approach to care home operators.
In a further change, the minimum Care Quality Commission (CQC) rating for care homes seeking funding has been lowered from ‘Good’ to ‘Requires Improvement’. Atom said the move responds directly to broker feedback that some operators were struggling to access finance while working to improve their ratings.
The adjustments are expected to make GGS funding available to a broader range of small and medium-sized enterprises (SMEs), particularly those in underserved sectors.
The GGS, which replaced the Recovery Loan Scheme, is designed to improve access to finance for growing businesses. Atom bank has already lent more than £300 million through the Recovery Loan Scheme and GGS combined. Businesses can borrow up to £2 million on variable or fixed rates and use the finance for purposes such as refinancing existing debt or purchasing commercial premises.
Atom’s commercial loans are individually priced to reflect each customer’s circumstances, with brokers able to obtain indicative terms using the bank’s Quick Quote tool.
Tom Renwick, head of business lending at Atom bank, said: “These enhancements to our Growth Guarantee Scheme criteria will open up funding to a much wider range of UK businesses, particularly first-time buyers in vital sectors.
“As passionate supporters of SMEs, we understand how important it is for first-time operators to have access to the funding they need in order to take those first steps.
“These changes have been introduced in response to feedback from brokers, demonstrating once again how seriously we take those partnerships.
“Brokers understand the exact challenges faced by their clients, and we are determined to act on their feedback whenever possible to ensure we can support more great businesses.”
