Bounce Back Loan "Pay as You Grow" Repayment Flexibilities
10 February 2021
Businesses that took out Government-backed Bounce Back Loans to get through the difficult Covid-19 period will now have greater flexibility to repay their loans, the Government announced on 8th February.
To read the full Government release, click here Bounce back loan borrowers can delay repayments by extra six months - GOV.UK (www.gov.uk)
The new changes and flexibilities include the option to delay all repayments for a further six months. Pausing repayments will be available to all businesses from their first repayment, rather than their sixth.
Pay as You Grow enables borrowers to extend the length of their loans from six to ten years, which reduces monthly payments by almost half, and make interest-only payments for six months.
From today, lenders should be reaching out to borrowers to provide information on repayment schedules and how to access the “Pay as You Grow” options for their business.
We need to add this to the news page and then share on social and also the covid 19 page as a new accordion. Can we then change the title of the covid 19 page to be ‘Covid 19 grant and financial support for business’