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The Government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading.
For the first year of your loan, you have a payment holiday and the Government pays the interest via a Business Interruption Payment. After the first year, you will need to start making monthly repayments to repay the amount you borrowed, plus interest from the date your repayment holiday ends.
Pay As You Grow options are designed to give you more time and flexibility to pay back your loan and will be available to you when you are due to make your first payment once the initial 12 month period ends. These options are available throughout the course of your loan term either individually or you can combine the payment holiday options with the option to extend the term of your loan.
If you expect to be in a better position to repay in the future, there are two payment holiday options you can consider.
To help you understand what this option might mean for you, here are two illustrative examples. The first outlines the impact of using this option once with no change to the term of your loan and the second outlines the impact of using this option in conjunction with extending the term of your loan to the maximum of ten years.
Loan Value (Capital) | Capital Instalments | Final Capital Instalment | Total Interest Paid Over the Term | Total Capital and Interest Payable |
---|---|---|---|---|
£35,000 | 53 x £648.14 | £648.58 | £2,446.35 | £37,446.35 |
Loan Value (Capital) | Capital Instalments | Final Capital Instalment | Total Interest Paid Over the Term | Total Capital and Interest Payable |
---|---|---|---|---|
£35,000 | 101 x £343.13 | £343.87 | £4,197.80 | £39,197.80 |
*These illustrative examples are indicative, and payments may differ depending on the date the loan is drawn down and/or capital/ capital & interest holiday applied. Remember you will still be required to make interest payments during the interest only period.
To help you understand what this option might mean for you, here are two illustrative examples. The first outlines the impact of using this option once with no change to the term of your loan and the second outlines the impact of using this option in conjunction with extending the term of your loan to the maximum of ten years.
Loan Value (Capital) | Capital Instalments | Final Capital Instalment | Total Interest Paid Over the Term | Total Capital and Interest Payable |
---|---|---|---|---|
£35,000 | 53 x £655.50 | £655.96 | £2,471.45 | £37,471.45 |
Loan Value (Capital) | Capital Instalments | Final Capital Instalment | Total Interest Paid Over the Term | Total Capital and Interest Payable |
---|---|---|---|---|
£35,000 | 101 x £347.03 | £347.43 | £4,242.75 | £39,242.75 |
*These illustrative examples are indicative, and payments may differ depending on the date the loan is drawn down and/or capital/ capital & interest holiday applied.
If you’re only able to repay a smaller amount each month, you have the option to extend the term of your loan.
To help you understand what this option might mean for you, here’s an illustrative example.
Loan Value (Capital) | Capital Instalments | Final Capital Instalment | Total Interest Paid Over the Term | Total Capital and Interest Payable |
---|---|---|---|---|
£35,000 | 107 x £324.07 | £324.51 | £3,978.86 | £38,978.86 |
*These illustrative examples are indicative, and payments may differ depending on the date the loan is drawn down and/or capital/ capital & interest holiday applied.
In the meantime, if you’re worried about your finances, please contact us on 0800 756 0800.
You can also contact the following organisations for free advice.
In addition, the British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.
When you applied for your Bounce Back Loan, you declared that you understood that:
You can apply for PAYG options any time if you’ve already started making repayments or if your first payment is due in the next three months.
If your next repayment is due in the next five working days, please wait until you’ve made this payment before applying for a PAYG option.
Make sure you have your Bounce Back Loan reference number and the date of your first capital repayment to hand before you get started. You can find this information in your loan documentation – we emailed this to you when you received your Bounce Back Loan.
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit www.british-business-bank.co.uk/BBLS
We understand you might be worried about the financial impact of coronavirus on your business and we’re here to help.
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