Using Pay As You Grow will not, in principle, affect your ability to obtain finance in the future. Pay As You Grow is designed to alleviate financial difficulty, even before it arises, by giving you flexibility in meeting your repayment obligations. Using Pay As You Grow will not affect your credit rating, but it may affect future creditworthiness assessments. For example, when considering a request for additional funding a lender will take into consideration incomings and outgoings, including existing debt repayments such as the Bounce Back Loan Scheme facility. It will also consider your total debt exposure, which will again include the outstanding Bounce Back Loan Scheme facility.
Other business finance support options
In the first instance, businesses who have concerns regarding repaying debt should contact their lender.
If you’re worried about your finances, please go to our support hub here. This page shows how you can contact us directly for help.
You can also contact the following organisations for free advice:
- Money and Pensions Service: moneyadviceservice.org.uk or 0800 138 7777
- Citizens Advice: citizensadvice.org.uk
- National Debtline: nationaldebtline.org.uk or 0808 808 4000
- Advice NI: adviceni.net or 0800 028 1881
- Advice UK: adviceuk.org.uk or 0300 777 0107
- Business Debtline: bdl.org.uk or 0800 197 6026
- StepChange Debt Charity: stepchange.org.uk or 0800 138 1111 (service not available to Limited Liability Partnerships or Limited Companies)
- Money Advice Service: moneyadviceservice.org.uk or 0800 138 7777
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:
Guide to business resilience
The British Business Bank’s Guide to Building Business Resilience is packed with impartial, practical, and actionable information to help smaller businesses manage costs, boost profitability, and increase resilience.
The Finance Hub
Designed to simplify the complexities of business finance, the Finance Hub is a comprehensive online resource that empowers businesses of all sizes, from start-ups to established companies, offering a diverse range of information and resources to navigate the world of finance. It serves as a centralised hub where you can find independent and impartial guides, checklists, and articles, carefully curated to provide you with the knowledge needed to make informed financial decisions for your business.
You can visit the British Business Bank hub here.