Registered for Online Banking?
The quickest way to apply is in Online Banking. Once logged in, you’ll see ‘Repayment options’ next to your Bounce Back Loan on the home page.
Bounce Back Loan scheme
Supporting UK businesses during coronavirus
The Bounce Back Loan Scheme closed for new applications and top-ups on 31 March 2021.
If you already have a Bounce Back Loan with us, the quickest way to apply for Pay as you Grow is in Online Banking or the Barclays app.
If you want Pay as you Grow to start from your next loan payment, you need to apply at least 20 days before that payment is due.
What's Pay as you Grow?
The government announced Pay as you Grow for Bounce Back borrowers to help businesses get back to regular trading. Pay as you Grow gives you more time and flexibility to pay back your loan.
For more information, read our FAQs.
Repayment Calculator
Use our Bounce Back Loan repayment calculator to see how much your payments will be and the total amount you’ll pay over the term – with or without any Pay as you Grow options.
Please note that the amounts shown are indicative and could vary from your actual payment amount.
How can I apply?
If you already have a Bounce Back Loan with us, the quickest way to apply for Pay as you Grow is in Online Banking or the Barclays app. Eligibility criteria apply.
For Pay as you Grow, there’s no need to contact us – we'll be in touch with information about your payments and your Pay as you Grow options well ahead of your first payment.
What are my Pay as you Grow options?
If you want Pay as you Grow to start from your next loan payment, you need to apply at least 20 days before that payment is due. Our Bounce Back Loan repayment calculator can help show you the impact of Pay as you Grow on your monthly payments and the overall amount you’ll have to pay. This information can be tailored to your individual circumstances.
The wording below is from the British Business Bank, and covers the payment of your Bounce Back Loan. We’ll send you regular reminders to let you know when your payments will start and how much you’ll pay. There’s no need to contact us, we'll contact you with information on your payments and your options ahead of your first payment.
Option 1: You could request an extension of your loan term from six years to 10 years at the same interest rate of 2.5%.
- Extending to 10 years would reduce your monthly payments
- You’ll accrue more interest, so the total amount payable would increase, unless you pay early
- If you’re considering this option, you should think carefully about your ability to pay 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
Option 2: You could take a payment holiday for six months.
- The total interest you pay will increase and you’ll have to repay a larger amount overall
- This can be used once during the term of your Bounce Back Loan
- This means you make no payments for six months (capital or interest). You’ll still be charged interest during the six-month payment holiday and this’ll be added to the amount of your loan. As a result, your remaining loan payments will go up
- You can also extend the term of your loan by six months at the same time (to a maximum of 10 years) to keep your payments similar to what they are now
Option 3: You could reduce your monthly payments for six months by only paying the interest.
- The total interest you pay will increase and you’ll have to repay a larger amount overall
- This option is available up to three times during the term of your Bounce Back Loan
- You can also extend the term of your loan by six months at the same time (to a maximum of 10 years) to keep your payments similar to what they are now
You can use option 1 along with either option 2 or 3. Both option 2 and 3 will be available throughout the course of your loan term.
This video, from the British Business Bank, explains your options under the Pay as you Grow scheme
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Pay as you Grow eligibility
Is your business eligible for Pay as you Grow?
You can apply for Pay as you Grow in Online Banking or the Barclays app if
- You currently have a Bounce Back Loan with us
- You’re at least nine months into your initial payment holiday – this will take effect when your payment holiday ends
- You’re listed on the mandate and have full access to Online Banking or the Barclays app. You also need to be authorised to make changes on behalf of the business account
You can apply for any of the Pay as you Grow options, or all of them, once they’re available for your loan. There are no additional fees and this doesn’t impact your ability to pay off the loan early.
The wording below is from the British Business Bank, and covers information about your credit file and the Pay as you Grow options:
Using these options won’t affect your credit score, or negatively affect your credit file. We may use requests for Pay as you Grow options to help us assess affordability in future lending applications, for example we will take into consideration incomings and outgoings, including existing debt repayments such as the Bounce Back Loan, and also your total debt exposure, which will include the outstanding Bounce Back Loan.
What does this mean for you?
Although using Pay as you Grow won’t affect your credit score or negatively affect your credit file, any late or missed payments could impact your credit rating, so it’s important to try and catch up on any arrears. Our ‘Build your business credit score’ page has more information on why your business credit rating is important and how to keep your credit rating healthy.
If you want Pay as you Grow to start from your next loan payment, you need to apply at least 20 days before that payment is due.
Paying your Bounce Back Loan
The following wording is from the British Business Bank, and covers the payment of your Bounce Back Loan. We’ll send you regular reminders to let you know when your payments will start and how much you’ll pay.
You received a payment holiday for the first year of your loan, with the interest being paid by the government. After the first 12 months, you’ll need to start making monthly payments to pay the amount you borrowed, plus interest from the date your payment holiday ends.
Your loan repayment is made up of two parts: your capital repayment and your interest payment.
- Your capital repayments pay off the amount of the loan that you have borrowed, and they’ll be the same each month
- Your loan also incurs 2.5% interest, so each month you’ll be charged interest on the remaining capital balance – that’s the amount of money you still owe
- Because of this, the amount of interest you pay each month will go down, as you repay your loan
- This means your first monthly repayment will be the highest, and the total monthly repayment amount (made up of both your loan and the interest) will be different every month
Your loan agreement sets out how much your capital repayment amount will be each month, but it doesn’t include your interest. We understand this can be confusing, so you’ll also get a letter telling you exactly what your next total repayment amount is every month – we’ll send it around 15 days before your repayment is due.
We’ll send you a payment schedule outlining your options, around three months before your first payment is due. Please note, you don’t 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 payment charges and you won’t pay any interest if you pay the full amount before the end of your initial 12-month payment holiday. Or you can make a one-off payment, as well as additional payments on a regular basis, and doing so will also help save you money on your interest payments.
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.
You can apply for Pay as you Grow when you’re nine months in to your initial payment holiday (this will then take effect when your payment holiday ends).
We’re here to help
You don’t need to contact us in advance. We will send you a payment schedule outlining your options, around three months before your first payment is due.
If you’re worried about your finances, please visit our money management hub where you can find articles on cashflow including tools and calculators to help you plan and manage your finances.
You can also contact the following organisations for free advice
Business Debtline – chat online or call 0800 197 6026
National Debtline – if you live in England, Scotland or Wales call 0808 808 4000
Citizens Advice – online or visit your local Citizens Advice centre
Other business finance support options
In addition, the British Business Bank are aware businesses may be worried about their finances or how to manage payments of their Bounce Back Loan. They have a range of guidance and resources available to all businesses, including content on managing your cashflow and a list of independent advice services. -
Bounce Back Loan eligibility
The Bounce Back Loan scheme closed for new applications and top-ups on 31 March 2021.
The below information applied before that date.
If you started your application before 31 March, we will be in touch shortly – there’s no need to call us.
You can apply for a loan if your business
- Is based in the UK
- Has been negatively affected by the coronavirus situation
- Was established on or before 1 March 2020
- Is not in bankruptcy, liquidation or undergoing debt restructuring
Ineligible businesses
The following businesses aren’t eligible to apply
- Banks, insurers and reinsurers (but not insurance brokers)
- Public-sector bodies
- State-funded primary and secondary schools
If you’re not eligible, get in touch with your Business Relationship team to talk about borrowing options that could be right for you.
To apply for a Bounce Back Loan with us, you’ll need to be a Barclays Business customer, or have a personal current account with us that was opened on or before 1 March 2020. If you are not already a customer but have a new customer appointment in the diary before the end of the scheme on 31 March 2021, we’re able to offer a Bounce Back Loan if you meet the eligibility criteria.
There are no further new customer appointments available between now and the end of the scheme. If you run your business through accounts with another bank, please contact them to discuss applying for a Bounce Back Loan.
You’ll also need to provide proof that your business was trading through that personal account on or before that date and be able to provide the additional documents on this list.
If you run your business through accounts with another bank, please contact them to discuss applying for a Bounce Back Loan.
Further information
The Bounce Back Loan scheme closed for new applications and top-ups on 31 March 2021. If you started your application before then, we’ll be in touch shortly – there’s no need to call us.
- Businesses from all sectors can apply for a facility1
- Interest rate fixed at 2.5%
- No principal repayments for the first 12 months
- No set up or application fees
- No early repayment fees
- No personal guarantees are allowed, and no recovery action can be taken over a principal private residence or principal private vehicle
- You’re responsible for repaying 100% of the loan. Where default occurs, we follow our standard commercial recovery procedures (including the realisation of security) before we make a claim against the government's guarantee for any shortfall. Loans are available to most business sectors, but restrictions apply
- Term extensions to ten years will be available as part of a flexible repayment plan (subject to application) – we’ll update this page when we have more information
You can apply to borrow up to 25% of your turnover in the 2019 calendar year, up to a maximum of £50,000.
If your business was established after 1 January 2019, you should apply the 25% to your estimated annual turnover from the date you started your business.
Before you apply please read this important information.
You may be able to apply to refinance existing Coronavirus Business Interruption Loans, the Coronavirus Large Business Interruption Loans, or Covid Corporate Financing Facility loans into a Bounce Back Loan. Eligibility criteria apply.
We'll soon be contacting customers who could be affected to discuss this option.
Bounce Back Loan scheme top-ups
If you didn’t borrow the maximum amount you're eligible for under the Bounce Back Loan Scheme, you may be able to apply for a top-up. This could enable you to increase your loan to 25% of the annual turnover stated in your original Bounce Bank Loan application, up to a maximum of £50,000.
To apply for a top-up, please log in to Online Banking, go to ‘Product and services’ and select ‘Business loans’.
How to apply for Pay as you Grow
You can apply for the Pay as you Grow options if
- You currently have a Bounce Back Loan with us
- You’re at least nine months into your initial payment holiday – this’ll take effect when your payment holiday ends
You can apply for Pay as you Grow in Online Banking and the Barclays app. We'll send you a payment schedule outlining your options, around three months before your first payment is due – you don’t need to contact us.
Before applying, please check that your account details and contact information are up to date in Online Banking or the Barclays app. Please also note that
- If you want Pay as you Grow to start from your next loan payment, you need to apply at least 20 days before that payment is due
- You can look at the Pay as you Grow options on Online Banking and the Barclays app. To apply in Online Banking, you’ll need to use your desktop and the browser’s latest version. To apply in the Barclays app, please ensure you’ve downloaded the latest version
- If you have a complex mandate, you’ll need to speak to us to apply. This is because more than one person is needed to authorise changes. You can either get in touch with your usual Barclays contact, or request a call back from us.
The wording below is from the British Business Bank, and covers information about your credit file and the Pay as you Grow options:
Using these options won’t affect your credit score, or negatively affect your credit file. We may use requests for Pay as you Grow options to help us assess affordability in future lending applications, for example we will take into consideration incomings and outgoings, including existing debt repayments such as the Bounce Back Loan, and also your total debt exposure, which will include the outstanding Bounce Back Loan.
What does this mean for you?
Although using Pay as you Grow won’t affect your credit score or negatively affect your credit file, any late or missed payments could impact your credit rating, so it’s important to try and catch up on any arrears. Our ‘Build your business credit score’ page has more information on why your business credit rating is important and how to keep your credit rating healthy.
Our Bounce Back Loan repayment calculator can help show you the impact of the Pay as you Grow options on your monthly payments and the overall amount you’ll have to pay. This information can be tailored to your individual circumstances. For more information, read our FAQs.
FAQs
Scheme benefits and how to apply
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FAQs for Pay as you Grow
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You can apply for the Pay as you Grow Options if
- You currently have a Bounce Back Loan
- You’re nine months in to your initial payment holiday – this will take effect when your payment holiday ends
You can apply for any of these options, or all of them, once they’re available for your loan. There are no additional fees and this doesn’t impact your ability to pay off the loan early.
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The deadline depends on your remaining loan term. If it’s
- Less than three months, you won’t be able to apply for a Pay as you Grow option – so please make sure you apply before the remaining term of your Bounce Back Loan reaches that point
- Nine months or less, you’ll need to apply through your usual Barclays Business contact – you can’t apply in Online Banking or the Barclays app.
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The wording below is from the British Business Bank, and covers information about your credit file and the Pay as you Grow options:
Using these options won’t affect your credit score, or negatively affect your credit file. We may use requests for Pay as you Grow options to help us assess affordability in future lending applications, for example we will take into consideration incomings and outgoings, including existing debt repayments such as the Bounce Back Loan, and also your total debt exposure, which will include the outstanding Bounce Back Loan.
What does this mean for you?
Although using Pay as you Grow won’t affect your credit score or negatively affect your credit file, any late or missed payments could impact your credit rating, so it’s important to try and catch up on any arrears. Our ‘Build your business credit score’ page has more information on why your business credit rating is important and how to keep your credit rating healthy.
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You can
- Extend the term of your loan from six years to 10 years
- Make interest-only payments for six months – this option is available up to three times during the term of your Bounce Back Loan
- Make no repayments for six months (capital and interest) – this can be used once during the term of your Bounce Back Loan
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The online Bounce Back Loan repayment calculator includes both the capital and interest in your estimated repayment amount. These amounts are indicative and aren’t the exact amount of your repayment. Your facility letter just shows your capital amount without the 2.5% interest.
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You can apply for Pay as you Grow from the menu at the top right. Select ‘Products and services’, ‘Borrow’ then ‘Bounce Back Loan – Pay as you Grow’. You’ll then need to select the business associated with the Bounce Back Loan you’d like to apply Pay as you Grow to.
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If you've already registered but can’t find your log-in details, you can reset them here.
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If you have a complex mandate, you’ll need to speak to us to apply. This is because more than one person is needed to authorise changes. You can either get in touch with your usual Barclays contact, or request a call back from us.
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If you’re listed on the mandate and have access to Online Banking or the Barclays app, you can apply for Pay as you Grow digitally, as long as you’re authorised to do so on behalf of the business. If you aren’t listed on the mandate or don’t have full access to Online Banking or the Barclays app, you can apply by talking to your usual Barclays Business contact.
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This is because you’ve already applied for an option and can’t take a further payment holiday at the same time, until you have three months left of your existing holiday. You can extend the term of your loan and take an interest-free period or repayment holiday at the same time.
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If you’re a Barclays International client, please contact your usual Barclays Business contact. They’ll be able to process an application on your behalf.
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Online Banking
On the homepage, head to your Bounce Back Loan, where you’ll find ‘Repayment options’. You’ll be able to view the Pay as you Grow options there.If you’re zoomed in 400% or more, or you’re looking at Online Banking on a mobile or tablet, from the top-right menu, select ‘Products and Services’, ‘Borrow’ then ‘Bounce Back Loan – Pay as you Grow’. You’ll then need to select the business associated with the Bounce Back Loan you’d like to apply Pay as you Grow to.
App
On the homepage, tap on your Bounce Back Loan, where you’ll find ‘Repayment options’. You’ll be able to view the Pay as you Grow options there. -
If you apply for Pay as you Grow at least 20 days before your next loan repayment is due, it’ll start from that repayment date. If you apply later than that, it’ll start from the following repayment date.
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You won’t be able to apply for Pay as you Grow in Online Banking or the Barclays app if you can’t make your current Bounce Back Loan repayments. Instead, we’ll need to talk to you to make sure we fully understand your financial situation. Please speak to your usual Barclays Business contact about the next steps. You can also get help with business debt, and use our Bounce Back Loan repayment calculator to see the effects of Pay as you Grow on your loan, at Barclays business money management.
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To cancel your application, please speak to your usual Barclays Business contact. How quickly we can cancel an application depends on how soon you get in touch after sending it and the date of your next loan repayment.
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Our Bounce Back Loan repayment calculator can help you understand how Pay as you Grow could affect your repayments and the total amount you need to repay.
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It’s not possible to choose a specific date because Pay as you Grow options start based on when you apply.
- If you want Pay as you Grow to start from your next loan repayment, you need to apply at least 20 days before that repayment is due
- If you’d prefer to start the Pay as you Grow option from a future repayment date, please apply 20 days before that date.
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There can be a delay between us confirming receipt of your application by email and sending you a letter to confirm your new loan details. This can happen if you’ve taken, or have requested, a repayment holiday before you apply for the term extension. It happens because we apply the term extension in time for your next repayment date, which follows the end of your repayment holiday.
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There’s no need to worry. These scheduled emails confirm the date your repayments start before any Pay as you Grow options have been applied to your loan. If you have selected options, we’ll send you a separate letter confirming your next loan arrangement about 15 days before your first repayment.
You can check the details of the Pay as you Grow option you applied for in the email we sent to confirm receipt of your application.
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FAQs for Bounce Back Loans
Making repayments
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Your loan repayment is made up of two parts: your capital repayment and your interest payment.
- Your capital repayments pay off the amount of the loan that you have borrowed, and they’ll be the same each month
- Your loan also incurs 2.5% interest, so each month you’ll be charged interest on the remaining capital balance – that’s the amount of money you still owe
- Because of this, the amount of interest you pay each month will go down, as you repay your loan
- This means your first monthly repayment will be the highest, and the total monthly repayment amount (made up of both your loan and the interest) will be different every month
Your loan agreement sets out how much your capital repayment amount will be each month, but it doesn’t include your interest. We understand this can be confusing, so you’ll also get a letter telling you exactly what your next total repayment amount is every month – we’ll send it around 15 days before your repayment is due.
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You can pay back the loan any time, with no early repayment fees or penalties. However, please bear in mind
- Any advance payments or overpayments will reduce the term of the loan – this means the loan will be paid off earlier, so you’ll pay less interest overall. However, your monthly repayments will stay the same
- Your loan agreement won’t be updated
- Payments to the loan can't be returned or redrawn
Top-ups for Bounce Back Loans
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Repayments on your original loan and top-up amount will start at the same time. For example, if your original loan repayments are due to begin in June 2021, your top-up repayments will start then as well.
Your new top-up will appear as a separate account in Online Banking and the Barclays app, alongside the original Bounce Back Loan you took out. There’s no need to worry – you only have one Bounce Back Loan. Both the original loan and the top-up will run to the same term and be charged the same rate of interest. Any future actions you take – for example, taking advantage of the upcoming ‘Pay as you Grow’ features – will apply to both your original loan and your top-up.
Data privacy
Important information about your Bounce Back Loan
The provision of the BBLS Guarantee to Barclays does not imply any endorsement or warranty of Barclays by the Secretary of State for Business Energy and Industrial Strategy or the Government of the United Kingdom.
BBLS is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit british-business-bank.co.uk
If you take out a Bounce Bank Loan with us, we will pay due regard to your information needs and we will provide information to you in a way which is clear, fair and not misleading.
We will provide you with the following information in relation to your Bounce Bank Loan
- Timely, clear and adequate information that will help you to understand, if you fail to make a payment under your Bounce Bank Loan, the amount you have missed, what can be done to remedy it, the time scales that you need to remedy any missed payment and the impact (if any) on your future payments
- If you default on your Bounce Bank Loan, we will provide you with information about any proposed action we might take in relation to your Bounce Bank Loan, before we take any such action
- Regular information about the Bounce Bank Loan Scheme (on at least an annual basis), by way of a statement setting out details of payment transactions on your Bounce Bank Loan during the time since such information was provided (or the date that you received funds under the loan, if no information has been provided previously) and amounts outstanding under the Bounce Bank Loan and
- Information on options available to you for help and assistance, including sources of free independent advice
We will also
- Monitor payments that you make during the life of your Bounce Bank Loan and take action to help you where there are signs of actual or possible payment difficulties
- If we identify or believe that you might be vulnerable, we will make adjustments to ensure that your circumstances are accommodated throughout the duration of your Bounce Back Loan
- If you default under your Bounce Back Loan, we will give you a reasonable period of time to remedy any breach and we will not treat the default as an event of default if you remedy the default within the period of time we give you
- Not charge you any fees in relation to your Bounce Back Loan (including on default) or any default interest (except that we may continue to charge interest at the rate of 2.5% per annum if your Bounce Back Loan is not paid when due until such time as it is paid)
- Allow you to pay all, or part of the Bounce Back Loan, early at any time. We will not charge you any fees for making an early payment
If you fail to make your payments under the Bounce Back Loan, we may
- Charge interest on the outstanding amount, which will increase the amount you owe us
- Require you to pay the loan (together with any interest you owe) immediately
- Report you to credit reference agencies, which may negatively impact your credit score and make it harder to get credit in the future
- Bring legal action to recover the loan and
- Require you to pay any costs and expenses we in incur in recovering the loan
Loans made under the Bounce Back Loan Scheme are not subject to the usual consumer protections that may apply to other forms of business lending. As such, borrowers of Bounce Back Loans should be aware that they will not have the benefit of the protection and remedies that would otherwise be available to them under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974.
Complaints about our service
We want to hear from you if you feel unhappy about the service you have received from us. Letting us know your concerns gives us the opportunity to put matters right for you and improve service to all our customers. If you have reason to complain you may do so in person, in writing by post or email or by telephone. Details of our complaints handling procedures are available on request from any branch, your relationship team or servicing team, the Barclays Information Line on 0800 400 100* or www.barclays.co.uk
Complaints – Financial Ombudsman Service
If we are unable to resolve your complaint internally to your satisfaction, or if we have not resolved your complaint within 8 weeks from when you first let us know about your concerns and if you are an eligible complainant, you may be able to refer your complaint to The Financial Ombudsman Service, Exchange Tower, London E14 9SR (www.financial-ombudsman.org.uk). The Financial Ombudsman Service is an organisation set up by law to give consumers a free and independent service for resolving disputes with financial firms. Details of those who are eligible complainants can be obtained from the Financial Ombudsman Service.