Recent figures show that around £5bn worth of loans are not being repaid from the UK’s Bounce Back Loan Scheme – with around 83% of recipients requesting a payment extension.
The Bounce Back Loan Scheme was launched in May 2020 in response to the covid-19 crisis. SME and business owners were able to access between £2,000 to £50,000 over the course of six years, with very favourable rates.
Available from a handful of Bounce Back Loan Scheme partners, banks and challenger banks, borrowers could access a large sum upfront, with 0% interest in the first year and then 2.5% percent thereafter.
