Bounce Back Loan - can't pay just yet?

Martin92

Hi all,

I am asking this question on behalf of a friend: 

'If I am unable to start repaying the bounce back loan after 12 months due to the operation of my company, what are there options please?

I.E their distribution of product comes from Austria and has been having some issues with importing etc & operation of his business with sales due to the uncertainty of the hospitality sector.

Thanks in advance for your help.

Grumpy_chap

Has your friend considered any of the options to lighten the short-term repayment:
 - extend the term to 10 years
 - interest only period
 - payment holiday

Details can be found here:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/pay-as-you-grow/

Grumpy_chap

An infographic here is a simple overview of the options:
https://www.british-business-bank.co.uk/finance-hub/bounce-back-loan-scheme-pay-as-you-grow/