New Pay As You Grow options will enable more flexible repayments on Bounce Back Loans
Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans. They will have the option to tailor payments according to their individual circumstances and delay all repayments for a further six months, meaning businesses can choose to make no payments on their loans until 18 months after they originally took them out. The option to pause repayments will now be available to all from their first repayment, rather than after six repayments have been made. Borrowers to extend the length of their loans from six to ten years (reducing monthly repayments by almost half) and make interest-only payments for six months, in order to tailor their repayment schedule to suit their individual circumstances. Pay as You Grow will be available to over 1.4 million businesses.
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