Options at the end of your loan repayment holiday

We’re here to support you.

Please consider all the options below so you can make the right decision for your business. Other finance options may also be available such as Asset Finance, Invoice Finance and Credit Cards, please visit our website for more information. 

Restart your capital repayments

If you’re happy to restart your capital repayments, there’s nothing you need to do.

We’ll automatically collect your payment when it’s due. You can see when your capital repayments will restart in the amendment email we sent when your capital repayment holiday began. 

  • You’ll pay less interest overall than if you extend your capital repayment holiday
  • You can make overpayments on your loan to help reduce what you’ll pay overall. For some products such as Fixed Rate Loans, break costs may apply if you make an overpayment. This may reduce the money you’d save*.

Keep in mind 

Your new total monthly repayment may be different to what it was before.

Extend your capital repayment holiday

You may be able to extend your capital repayment holiday. If we’re able to extend it:

  • We’ll stop your capital repayments for another 3 months
  • You’ll still need to pay interest on the loan during your capital repayment holiday as set out in your loan agreement
  • We’ll increase the term of your loan by 3 months to cover the repayments you didn’t make during your capital repayment holiday (this does not include loans held under the Enterprise Finance Guarantee scheme, where the term will stay the same)
  • The overall cost of your loan will increase as you pay more interest over a longer term
  • The capital repayment holiday extension will be applied to all your loans with existing capital repayment holidays (excluding any Government-backed lending schemes).

Extend your capital repayment holiday

Note: this will take you to the start of the enquiry form, please complete to apply. 

Other borrowing options that may be available to you:

Additional lending – Loans

You may be able to apply for a Commercial Loan.

  • Choose between fixed and variable interest rates to suit your business needs
  • Term: 1 – 25 years
  • Borrowing starts at £1,000
  • Subject to credit assessment and security availability. 
Find out more

Additional lending – Overdraft

You may be able to apply for an Overdraft or increase your existing Overdraft amount.

  • Flexible, up to an agreed limit – you can use or repay depending on your cash flow or needs
  • Only pay interest on the funds you use
  • Term: up to 12 months
  • Variable interest rate
  • Borrowing starts at £500. 
Find out more

Government-backed lending schemes

If you haven’t already applied for a government-backed loan, you may be able to receive support. 

Bounce Back Loan Scheme (BBLS)

  • Borrow between £2,000 and £50,000
  • Available until 30 November 2020

Coronavirus Business Interruption Loan Scheme (CBILS)

  • Borrow between £50,001 and £5 million
  • Available until 30 November 2020

Click here to find out more about available schemes

More information

If you’d like to discuss your options in more detail, please return to the enquiry form and request a call back to discuss other finance options, or contact us.

If you have a Relationship Manager, please contact them directly.

If you do not have a Relationship Manager, please call us on 0345 072 5555 (+44 1733 347 338 if you’re outside the UK). Lines are open Monday to Friday 8am-6pm, except on bank holidays.  

Important information

*You may be charged break costs for full or partial early repayment of Fixed Rate or Capped Rate Loans. These will be calculated based on the loan interest rate compared to market rates at the time of repayment.