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Additional support for businesses with an existing Bounce Back Loan.
As a confirmed accredited lender of the Bounce Back Loan scheme, we’re here to support our customers during the coronavirus outbreak.
If you require additional information about Pay As You Grow, please visit the British Business Bank website.
You can extend your 6-year Bounce Back Loan term to 10 years, at the same interest rate of 2.5%.
You can use this option once over the lifetime of your loan.
You can choose to reduce your monthly repayments for 6 months by paying interest only.
You can use this option up to 3 times over the lifetime of your loan.
You can request a 6-month full repayment holiday (both capital and interest).
You can use this option once over the lifetime of your loan.
You can choose to extend the term of your loan to 10 years AND request either a 6-month capital repayment holiday OR a 6-month full repayment holiday before your first repayment is due.
Use our calculator to understand the impact each Pay As You Grow option has on your monthly repayments, and on the overall cost of your loan.
If you’re registered for Online for Business, log on to view your options in more detail.
Over the term of your loan you can utilise a Term Extension to 10 Years, 1 Full Repayment Holiday and up to 3 Capital Repayment Holidays.
For example, you could choose the repayment holiday options consecutively, or you could choose a Term Extension (up to 10 years) alongside a repayment holiday. Simply choose the term extension first and request a repayment holiday separately.
You can only request one Pay As You Grow option at a time, using Online for Business.
We advise you to wait at least four working days between submissions to ensure they are processed correctly.
Register for Online for Business if you haven’t already
Yes you can make additional payments. Please note there is no minimum amount required for any additional payments.
Yes. If you have a Bounce Back Loan Top-Up, your original loan amount and Top-Up amount will be treated as one consolidated facility.
You will receive communications three, two and one month(s) before your first repayment is due.
For example, if you had your loan on 4th June 2020, your first repayment will be due on 4th July 2021 and you will therefore receive your 3-month communication by 4th April 2021.
You will be informed when and how you can make ‘Pay As You Grow’ selections in these communications.
No, this will not be possible.
However, if you subsequently decide you no longer require the support provided by the PAYG options, you can still reduce the interest you will pay by making full or lump sum repayments.
No, unfortunately this is not possible as the date will be based on when you first opened your Bounce Back Loan.
No. Under ‘Pay As You Grow’, all borrowers – that is, any borrowers who request it, whether you are in (or approaching) financial difficulty and seeking forbearance or not – will be able to utilise the options.
You can choose to extend the term of your loan to 10 years if required.
There is no intermediate option for this term extension, you are only able to extend from 6 years to 10 years.
If you haven’t already extended the term of your loan to 10 years, you can choose to extend your term by the same length of your Capital Repayment Holiday or Full Repayment Holiday (if selected).
Using Pay as You Grow will not, in principle, affect a business’s ability to obtain finance in the future. Pay As You Grow is designed to alleviate borrowers’ financial difficulty, even before it arises, by giving borrowers flexibility in meeting their repayment obligations. Using Pay as You Grow will not affect a borrower’s credit rating, but it may affect lenders’ future creditworthiness assessments. For example, when considering a request for additional funding a lender will take into consideration incomings and outgoings, including existing debt repayments such as the Bounce Back Loan Scheme facility. It will also consider a business’s total debt exposure, which will again include the outstanding Bounce Back Loan Scheme facility.
You should allow at least two working days for your PAYG selection to take effect before your next repayment is due.
If you want to select a PAYG option but your next monthly repayment is due within 2 working days, then you will need to make the monthly repayment in full before the option takes effect.
We’ll automatically collect your repayments. Please ensure you have enough money available in your nominated account.
If you still want to progress and select a PAYG option, the chosen option will take effect before the following month's repayment date.
You do not need to contact us in advance. We will send you a repayment schedule outlining your options, around three months before your first payment is due.
However if you’re worried about your finances, call us on 0345 600 4610 (+44 207 477 2423 from outside the UK). Lines are open Monday to Friday 9am to 5pm (excluding bank holidays).
Debt Management Services are available to assist you with establishing a debt management plan through one of their advisors. Visit the Debt Management Service website for more information.
In addition, the British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
The Bounce Back Loan Scheme is not subject to the usual consumer protections that apply to business lending, and as such will not have the benefit of the protection and remedies that would otherwise be available under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974.
The Bounce Back Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk.