SMEs offered flexibility to extend bounce back loans to 10 years

Industry News | 16/02/21

Small businesses that took out bounce back loans will get the chance to extend their loan term to 10 years and take a six-month payment holiday, under plans to offer SMEs a flexible repayment scheme.

The details were announced by the British Business Bank, which administers the Bounce Back Loan Scheme (BBLS) and has created the ‘pay as you grow’ (PAYG) option for SMEs to manage their cashflow while making repayments.

Source: Credit Strategy