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 our dedicated Business Support Team, who are experienced in supporting customers who are in financial difficulty.
You can reach the Business Support Team by emailing SupportingSMEs@co-operativebank.co.uk
You can also contact the following organisations for free advice
Business Debtline gives free and independent debt advice over the phone and online.
Federation of Small Businesses
The Federation of Small Businesses is a not-for-profit offering financial expertise and advice to its membership of small businesses and the self-employed.
MoneyHelper offers free and impartial money advice, including debt support, via a range of channels including telephone, web consultation and WhatsApp.
StepChange is a UK charity which offers free debt advice based on an assessment of your situation, as well as practical help and support.
The Citizens Advice Bureau offers free and impartial advice for people experiencing financial and debt-related problems.
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.
When you applied for your Bounce Back Loan, you declared that you understood that:
For the full set of declarations you made, please refer to your Bounce Back Loan application form.
If you are considering making a change to your Bounce Back Loan the first step is to review your options, and make your choice based on your circumstances.
To help you with this decision you may want to calculate what your payments could be.
If you want to select one of the payment holidays in Option 1, either a full 6 month repayment holiday or a 6 month holiday where you just pay the interest, you have the choice of either keeping your existing loan term or extending your term by 6 months. However, if you already have extended your term to 10 years (Option 2), or would like to, then you cannot extend your term by a further 6 months. This is because the maximum loan term allowable is 10 years.
If you want an indication of what your repayments might be, you can download our Repayment Calculator.
This calculator is for illustrative purposes only to help indicate the potential impact of Pay As You Grow options. Your amended repayment profile will be confirmed to you once we've received your Pay As You Grow request and you will be required to sign loan documentation to confirm that you agree to this.