There have been some new options added for how businesses manage their bounce back loan moving forwards. The British Business Bank has announced three Pay As You Grow options which can be used individually or in combination. All are aimed at helping businesses recover and protect their cashflow during the next phase of the pandemic recovery.
They are:
- Request an extension of their loan term to 10 years from six years, at the same fixed interest rate of 2.5%
- Reduce your monthly repayments for six months by paying interest only. This option is available up to three times during the term of their Bounce Back Loan
- Take a repayment holiday for up to six months. This option is available once during the term of their Bounce Back Loan.
Borrowers should be aware though all the options incur further interest charges.
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