Managing Bounce Bank Loan repayments
We may be able to help if you’re struggling to make your repayments.
If you have a Bounce Back Loan and are finding it harder to meet your repayments, we may be able to help you.
Support for your repayments: Pay As You Grow
As the cost of doing business continues to rise, you may be finding it harder to run your business finances and could be struggling to manage repayments. A period of reduced payments or a payment holiday could give you some room to breathe.
Pay As You Grow (PAYG) has three options available:
- Reduce monthly repayments for 6 months by paying interest only – you can do this up to three times. It is important to note that you will end up paying more in the long run.
- Payment holiday for 6 months – this is only available once and the total amount to repay will increase as more interest will be charged.
- Extend the term of the loan to 10 years and the interest rate of 2.5% stays the same.
Remember to consider that all three options will mean more interest is paid, so it’s important to think about whether there is a chance of your business fully recovering.
For more information or to apply visit our Pay As You Grow page.
Ask us to give you a call
If you’re concerned about cash flow within your business, speak to your relationship manager or small business adviser directly or use our webform to request a call back.
Request a call back
