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During the pandemic you may have taken out a Bounce Back Loan in order to provide additional support to get your business through these trying times.

The 12 month repayment holiday will now be coming to an end and loan repayments will be starting in the coming months.  As part of the terms of business, you now have a number of options in order to repay the Bounce Back Loan – the loan rate will be kept at 2.5% no matter what option you take:

  • If you do nothing, you will pay it back over 5 years at a rate of £891.11 per month – if you borrowed the maximum £50,000
  • You can extend the term to 10 years which will mean a repayment of £517.54 per month– if you borrowed the maximum £50,000
  • You can take a full repayment holiday for 6 months – and then pay back more over the term
  • You can take a capital repayment holiday for 6 months – and then pay back more over the term

 

Your bounce back loan is managed through your internet banking access, so please log on there in order to get more detail.

We are here to help, so please call us if you need advice.