The borrower is 100% liable for repaying the loan and any interest. The government will cover interest payable to the lender for the first 12 months. The borrower will then need to make full repayments (the loan and any interest) up to the end of the six-year term, as per their arrangement with the lender.
More Bounce Back Loan Questions and Answers
- What term can I borrow a BBL over?
- What BBL fees/interest will I be required to pay?
- When do I have to start BBL repayments?
- What products are offered on the BBL Scheme?
- How long will it take me to get the BBL funds?
- How much can I apply for with a BBL?
- How long is the BBL scheme open?
- How do I apply for a Bounce Back Loan?
- Am I eligible for a Bounce Back Loan?
- What is a Bounce Back Loan?