As repayments start kicking in…find out how to extend the term of your BBL to ease your cashflow.
Clients who took out government-backed Bounceback Loans (BBLs) to get through Covid-19 do have some flexibility to repay their loans.
The Pay as You Grow repayment scheme includes the option to delay all repayments for a further six months, meaning businesses can choose to make no payments on their loans until 18 months after they originally took them out. The option to pause repayments is available to all from their first repayment, rather than after six repayments have been made.
Pay as You Grow enables borrowers to extend the length of their loans from six to ten years (reducing monthly repayments by almost half) and make interest-only payments for six months, in order to tailor their repayment schedule to suit their individual circumstances.
These Pay as You Grow options are available to more than 1.4 million businesses which took out a total of nearly £45 billion through the Bounceback Loan Scheme.
