If you're a Bounce Back Loan Scheme borrower and coming to the end of your first year, you may have concerns about your upcoming repayments.
To help, the Government has announced a variety of Pay As You Grow options that could give you more time and flexibility to pay back your loan.
Option 1
Extend your loan term from six years to 10, at the same fixed interest rate of 2.5%.
Option 2
Take one six-month repayment holiday.
Option 3
Reduce payments for six months by paying interest only (available up to three times during the term of your loan).
You can use these options individually or in combination with each other.
But please note for all three options that the total amount you owe will go up.
Your lender will get in touch to outline your options three months before your repayments are due to start.
Visit the British Business Bank Finance Hub.
