With the coronavirus pandemic continuing to impact every sector and region in the UK, as well as the end of the EU transition period, we’re very aware of the challenges that lie ahead for businesses.
To help you through a changing and uncertain business landscape, we continue to provide relevant advice and guidance, including FAQs, content and a range of business support services that aim to help you during this challenging time.
How we can help you trade through coronavirus (COVID-19):
Already taken out a Bounce Back loan? Here’s how to extend your interest free period
After 12 months, Bounce Back loan interest rates begin at 2.5% a year. But if you’re eligible for the Coronavirus Business Interruption Loan Scheme (CBILS) and haven’t yet used this service, you can effectively reset your interest free period.
Do this by taking out a CBILS loan and using it (or part of it) to pay back the Bounce Back loan. Get your timings right and you can then begin a new year interest free, beginning from the time you drawdown the CBILS loan.