If you received a Bounce Back Loan, you were granted a payment holiday for the first year of your loan, with the interest being paid for by the Government via a Business Interruption Payment. After the first 12 months, you will need to start making monthly repayments to repay the amount you borrowed (known as ‘capital’), plus interest from the date your repayment holiday ends.

We will send you correspondence, reminding you of your first monthly repayment date and your monthly repayment amount, around three months before your first payment is due. This correspondence will also give you more information on how you can apply for the Pay As You Grow option. You can find further information on our Pay As You Grow page.

If you no longer need the loan, you can choose to pay it back early by contacting your Relationship Manager or Branch. You’ll then pay less interest. There are no early repayment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12-month repayment holiday.

Or you can make a one-off repayment, as well as additional payments on a regular basis, and doing so will also help save you money on your interest payments. Please note that one-off and additional payments are considered to be in excess of your monthly repayment.

Important Information:

The Government has determined that loans made under the Bounce Back Loan Scheme:

• do not benefit from the usual consumer protections that apply to business lending and you will not have the protections and remedies that would otherwise be available to you under the Consumer Credit Act 1974;
• will not have credit or affordability checks conducted and lenders have no responsibility or duty of care for your decision to borrow; and
• are based on you self-certifying your eligibility for the Scheme.

If you are in any doubt about the consequences of Bounce Bank Loans not being regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974, you should seek independent legal advice.

The 100% guarantee that is provided by the government under this scheme is to cover any losses made by lenders, and does not cover losses that you might suffer if you are unable to meet your payment obligations. You will remain responsible for repaying the whole of this loan at all times.

If you fail to make any repayments on a Bounce Back loan, we will be entitled to take action against you (or where there is more than one borrower, any one or more of you) to recover the full amount of the Bounce Back Loan. Missing repayments could result in legal proceedings, have a negative impact on your credit score and make it more difficult for you to obtain credit in the future.

You recognise that by providing inaccurate or incomplete information in your application that you will be regarded as attempting to gain, or gaining, a financial advantage dishonestly and as such will be liable to criminal prosecution for fraud under the Fraud Act 2006.

Whether we provide credit depends on your circumstances, and you must be 18 or over. Lending terms and conditions apply.

We only offer Bounce Back Loans to existing Danske Bank business customers. By taking a Bounce Back Loan from Danske Bank, you agree that all loan payments must be made from your Danske business current account or from a fee-free service account (depending on your choice). You are not required to maintain a Danske Business Current Account in order to manage a Bounce Back Loan. You are able to use another provider to manage your business banking while retaining your Bounce Back Loan with Danske Bank. If you choose to manage your Bounce Bank Loan through a Danske business current account and you close it before the Bounce Back Loan is repaid in full, we will open a new fee-free service account in your name, which will be used to make repayments to your Bounce Back Loan account. In these circumstances, we will advise you of the Terms and Conditions for the new service account.

If you choose to manage your Bounce Back Loan through a Danske Business Current Account, you are able to switch your Business Current Account to another provider while retaining your Bounce Back Loan with Danske Bank. We will comply with our obligations under the Current Account Switch Guarantee if you decide to switch your Business Current Account to or from us during the period of the loan using the Current Account Switch Service. You will not be eligible to use the Current Account Switch Service where you have more than 50 employees and have an annual turnover exceeding £6.5million. If you switch your Danske business current account before the Bounce Back Loan is repaid in full, we will open a new fee-free service account in your name, which will be used to make repayments to your Bounce Back Loan account.

If you are not happy with any part of our service, please see our leaflet Putting things right for you. If you have followed our published complaint procedures and you disagree with the response we have given, you may be able to refer the matter to the Financial Ombudsman Service, in accordance with any guidance issued by the Financial Ombudsman Service in respect of BBLS. Details are available from us or from www.financial-ombudsman.org.uk .

You will also be able to contact the Financial Conduct Authority (FCA) or the Payment Systems Regulator (PSR) if you think that we have broken the Payment Services Regulations 2017.

For Loans provided under the Bounce Back Loan Scheme, we have agreed:-

• To monitor your repayment record during the life of the Scheme Facility and take appropriate action where there are signs of actual or possible repayment difficulties in accordance with BBLS.
• Where we identify you as vulnerable (within the meaning of CONC 7.2) or have reason to believe that you may be vulnerable, appropriate adjustments should be made to ensure your circumstances are accommodated throughout the duration of the Scheme Facility.
• Upon default by you, we agree that we will give you a reasonable period to remedy any breach and will not treat the same as an event of default if it is remedied by you within this period.
• We will not require you to pay any lender-levied fees of any description (including on default) or any default interest (except that we may continue to charge interest at 2.5% per annum if the Loan is not repaid when due until such time as it is repaid).
• To pay due regard to your information needs and provide information to you in a way which is clear, fair and not misleading.
• To provide you with the following minimum information in relation to your Loan during the term of such Loan:
  • Timely, clear and adequate information that enables you to understand that, where you fail to make payments under the Loan, the amount missed, what can be done to remedy, in what timescales, and the impact (if any) on future repayments;
  • upon default by you, information about any proposed action we might take in respect of the Loan, prior to taking such action;
  • regular information about the Loan (on at least an annual basis) in the form of a statement setting out details of the payment transactions on the Loan during the period since such information was provided (or if not provided previously, since drawdown of the Loan) and amounts outstanding under the Loan; and
  • information on options available to you for help and assistance, including sources of free independent advice.

For more information, please call our local Business Banking team on 0345 850 9515.

Lines are open between 8am and 6pm Monday to Friday and 9am to 5pm Saturdays and Sundays, except on bank holidays or other holidays in Northern Ireland when the bank is not open for business.