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Bounce Back Loan ‘Top Up’ Now available!

The Bounce back loan has been a life saver for those business owners who need additonal funding or for those business owners that fell through the cracks of other schemes. This is a little different, as it isn’t a grant and WILL need to be repaid back.

To read about bounce back loans, check out my blog on LoveAndover Here

There has been a couple of additions since the last blog i wrote, the term can be extended for up to 10 years (rather than 6) which, on the short term should make repayments quite cheap. the rate of interest for the bounce back loan is 2.5%. This comes with a caution though, the longer the term is – the higher the overall repayment will cost, so it is still in your interest to repay it as quick as possible.

The other news for Bounce back loans is that you can now ‘Top Up’ if you haven’t utilised your full 25% of last years turnover. So you can reapply, with an option to ‘Top Up’ what you already owe, as long as it doesn’t exceed 25% of turnover.

Remember – this is a loan NOT a grant – so you will have to repay everything that you borrow.

Have you been affected by the Corona Virus? If so – we’d love to hear from you and get your story out there.

About the author

Adam Phillips

After being in the banking industry for over 10 years, its time to help educate people and business owners to the best of my ability!
We live in a world where (For some reason) Money isn't taught in the education system at all.
I'm here to help support both the household and the small business owner by helping save them money. More often than not, the household and the business owner is not too dissimilar. It's so easy to go about your day and never take the time to work out if what you are doing is the most reliable, most efficient or most relevant for you. This is where I come in!
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