12 month repayment holiday
- Upon drawdown, we applied an automatic 12 month repayment holiday
- Your repayments are due to start 1 month after the repayment holiday ends
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Understanding your Bounce Back Loan
If you’ve received lending under the Bounce Back Loan scheme, including any Top-Up amount, find out more about your commitments and what you can do to prepare for when your repayments begin.
About Bounce Back Loans
- The Bounce Back Loan scheme is a government initiative to support small and medium-sized businesses struggling with the impact of coronavirus
- The government provides lenders like Royal Bank with a guarantee for 100% of the loan, should the borrower default
- You will have to repay this loan in full including interest
- For the full details of your specific loan and commitments, refer to the loan agreement you signed before receiving your loan
- If you've borrowed less than 25% of the annual turnover on your original Bounce Back Loan application, you could apply for a top-up from £1,000 subject to an overall cap of £50,000. Eligibility criteria applies. More about Top-Up
Your Bounce Back Loan term
There are currently no changes to the 6 year term of your loan. Any Top-Up amount will expire on the same date as your original Bounce Back Loan.
The government recently announced changes that may allow applications to extend the term to 10 years.
We’re working with the British Business Bank to confirm how this will work. We’ll provide more details when they are available, there’s no need to get in touch at present.
Bounce Back Loan interest rate
Interest on your Bounce Back Loan, including any Top-Up amount, is fixed at 2.5% per year
Interest on your loan is calculated and accrued daily
Interest during the first 12 months will be 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
Bounce Back Loan repayment holiday updates
The government announced new payment holiday provisions for Bounce Back Loans, including any Top-Up amount.
Switch to temporary interest-only payment up to 3 times, each lasting 6 months
Take a single payment holiday, pausing all repayments for 6 months, providing at least 6 loan payments have been made
You'll continue to accrue interest and may end up paying more over the term of your loan
We’re working with the British Business Bank to confirm how this will work. We’ll provide more details when they are available, there’s no need to get in touch at present.
If you think you'll struggle to make a repayment
Get the right support during coronavirus
We understand these are difficult times, and if you're in need of a helping hand we're here to support you.
Find guidance and support on our coronavirus hub.
If you need to get in touch...
The quickest way to get in touch is via our webchat service, Cora. Using webchat, you can:
- get help with an existing loan
- talk to us about other support
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
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy.
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.