The Bounce Back Loan Scheme (BBLS) closed to new applications on 31 March 2021 including Top-ups.

If you’ve received lending under the Bounce Back Loan scheme, including any Top-Up amount, find out more about your commitments.

Understanding your Bounce Back Loan

Preparing for your repayments

  • You received a payment holiday for the first year of your loan, with the interest being paid for by the government via a Business Interruption Payment
  • After the first 12 months, you'll have needed to start making monthly repayments to repay the amount you borrowed, plus interest from the date your repayment holiday ends
  • We sent you a repayment schedule outlining your options, around three months before your first payment was due

I want to pay back my loan now

If you no longer need the loan, you can choose to pay it back early. You’ll then pay less interest. There are no early repayment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12 month repayment holiday.

Or, you can make a one-off repayment, as well as additional payments on a regular basis, and doing so will also help save you money on your interest payments.

To make a repayment the easiest way to do this is via Online Banking, Bankline or the Mobile App. For business customers the limit for payments via Online Banking and the Mobile App per working day is £50,000.00.

If you wish to settle your loan early, please speak to your usual Bank contact. Please note there may be accrued interest to pay in addition to the outstanding capital balance. The loan cannot be redrawn once repaid.

I need more time or can’t afford the repayments yet

The government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. Pay As You Grow could give you more time and flexibility to pay back your loan.

Pay As You Grow options were available to you once you started to repay your Bounce Back Loan, from 12 months after it was first drawn down.

Using your PAYG options won’t affect your credit score, or negatively affect your credit file. We may use your requests for Pay As You Grow options to help us assess affordability in any future lending applications, for example we will look at your incomings and outgoings, including the future repayments on your Bounce Back Loan, and also the total amount of all your borrowings, which will include the amount of your Bounce Back Loan.

More questions about Bounce back loan?

Visit our Frequently Asked Questions to find further guidance and support

Bounce Back Loan interest rate

  • Interest on your Bounce Back Loan, including any Top-Up amount, is fixed at 2.5% per year
  • Interest is calculated and accrued daily
  • Interest during the first 12 months was paid by the government. Remember that you are responsible for paying back the whole loan, including any interest accrued after the first 12 month period
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Your Bounce Back Loan term

  • The term of the BBL was 6 years
  • Any Top-Up amount will expire on the same date as your original Bounce Back Loan. Pay As You Grow could give you more time and flexibility to pay back your loan
  • For the full set of declarations (PDF, 140 kB) you made, please refer to your Bounce Back Loan application form.
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Need to get in touch?

Cora, your digital assistant can quickly help with many of your questions. Cora has already assisted hundreds of customers with government loan scheme queries. If Cora can't help, she'll put you in touch with a specialist.

Message us anytime on WhatsApp

For help with your Business Banking queries, you can now chat with us securely on WhatsApp. 

Customers with hearing and speech impairments can contact us by using our Relay UK Service: 18001 0345 711 4477

For more information visit the accessibility page

Calls may be recorded for training and monitoring purposes. To see how much your call might cost, visit the call charge information page

Working with British Business Bank

Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary for State for Business and Trade (formerly Business, Energy & Industrial Strategy-BEIS).

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.

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