Bounce Back Loan Scheme – Top Ups

As announced in November 2020, if you already have a Bounce Back Loan and originally borrowed less than the maximum amount available to you, you may be apple to apply for a top up.
 
As a reminder the maximum that can be borrowed with Bounce Back Loan facility is 25% of a business’ turnover (as declared in the original application) with a cap on the loan of £50,000.  
 
Top Up Features

• One top-up per borrower from their existing lender;
• Minimum top up amount of £1,000;
• The capital repayment holiday runs for 12 months from the initial drawdown date on the original Bounce Back Loan.  For            example, if the initial drawdown date of the original Bounce Back Loan was on 1 June 2020, and the drawdown date of the        top-up was on 1 February 2021, the capital repayment holiday period will run to 31 May 2021.

 
How to apply for a Top Up
Please contact your Bounce Back Loan provider to apply for a top up.