Delay repayments of Bounce Back Loans by 6 months
Borrowers under the bounce back loan scheme will now have the option to tailor their payments depending on individual circumstances, the Government has announced.
Pay as You Grow is the name of the repayment scheme which will allow borrowers to not only delay all repayments for a further 6 months, meaning businesses potentially do not have to start repaying their loans until 18 months after getting them; but also extend the length of their loans from six to ten years and to make interest-only payments for 6 months.
The Pay as You Grow payment option will be available to over 1.4 million businesses who collectively took out £45 billion through the bounce back loan scheme.
For further information on this generous scheme, please contact Michaela Johns on 023 8046 1256.