We have the following arrangements in place to support business customers:

  • Prioritisation of funding requests as an accredited lender for the British Business Bank managed Bounce Back Loan, Coronavirus Business Interruption Loan and Coronavirus Large Business Interruption Loan Scheme
  • Emergency working capital & payment flexibility on loan facilities
  • Provision of trade finance and foreign currency products

Customers should contact their Business Relationship Manager, email us on BBNICovid-19@boi.com or call 0800 109 010 (9am to 5pm Monday to Friday) if they need assistance.

Bounce Back Loan Scheme (BBLS) Pay As You Grow

Repaying your Bounce Back Loan

You received a payment holiday for the first year of your loan, with the interest being paid for by the Government via a Business Interruption Payment. After the first 12 months, you will need to start making monthly repayments to repay the amount you borrowed, plus interest from the date your repayment holiday ends.

We will send you a repayment schedule outlining your options, around three months before your first payment is due.

Please note you do not need to contact us in advance.

If you no longer need the loan, you can choose to pay it back early. You’ll then pay less interest. There are no early repayment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12-month repayment holiday.

Or you can make a one-off repayment, as well as additional payments on a regular basis, and doing so will also help save you money on your interest payments.

Your other repayment options

Pay As You Grow

The Government has announced Pay As You Grow options for Bounce Back Loan borrowers to help businesses get back to regular trading. Pay As You Grow could give you more time and flexibility to pay back your loan.

Pay As You Grow options will be available to you once you start to repay your Bounce Back Loan, from 12 months after it was first approved.

Using these options won’t affect your credit score, though it may influence how we assess your creditworthiness in the future and your loan may cost you more overall.

The options available to you when you are due to make your first payment after 12 months are as follows:

  1. If you expect to be in a better position to repay in the future:
    a) You could reduce your monthly repayments for six months by paying interest only.
    • This option is available up to three times during the term of your Bounce Back Loan.

    OR:

    b) You could take a payment holiday for six months.
    • This option is available once during the term of your Bounce Back Loan.

  2. If you’re only able to repay a smaller amount:

    You could request an extension of your loan term from six years to 10 years at the same interest rate of 2.5%.

If you’re considering this option you should think carefully about your ability to repay over a longer timeframe, taking into account such things as if you intend to cease trading or retire within the revised term of your Bounce Back Loan.

Please note for all three options that the total amount you owe will go up. This is because your interest costs increase as you’re repaying your loan over a longer period.

You can use options 1 and 2 together if you need to.

We’re here to help

You do not need to contact us in advance. We will send you a repayment schedule outlining your options, around three months before your first payment is due.

However if you’re worried about your finances, please contact us at: BBNICovid-19@boi.com

You can also contact the following organisations for free advice:

Small Business Commissioner (SBC)
The SBC is an independent public body the Government created to tackle late payment and unfavourable payment practices in the UK’s private sector.

UK Finance
Guidance and advice on dealing with debt, from the organisation that represents the UK’s banking and finance industry.

For a copy of the UK Finance leaflet on dealing with debt, please click here.

Advice NI – Business Debt Service
Free tailored, independent and impartial advice on debt for sole traders, partnerships and limited companies in Northern Ireland.

StepChange –Debt Charity
Debt advice for self-employed people and sole traders.

FSB Debt Recovery
A debt recovery service for members of the Federation of Small Businesses (FSB). Find out what the service offers and what membership entails.

Other business finance support options

In addition, the British Business Bank has a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services.

Reminder of your Bounce Back Loan terms and conditions

When you applied for your Bounce Back Loan, you declared that you understood that:

  • You are fully liable for all repayments, and if you are unable to meet these obligations, this could negatively affect your credit score.
  • The 100% government guarantee is provided to cover any losses the lender makes and does not cover any losses that you might suffer if you are unable to meet your payment obligations.
  • We would not carry out any affordability checks on your application.

For the full set of declarations you made, please click here.