Business: Loans
The question
To ask the Secretary of State for Business and Trade, what data his Department holds on the proportion of British Business Bank-backed loans which include personal guarantee requirements from borrowers.
Answered by Gareth Thomas
The British Business Bank utilises accredited delivery partners to deliver its schemes. Under the Growth Guarantee Scheme (formerly the Recovery Loan Scheme), delivery partners are required to apply personal guarantees where they would in the course of their normal commercial lending. Under GGS and RLS 3, approximately 70% of facilities have been recorded by the lender as having a personal guarantee attached.
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