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.
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