Should you refinance your Bounce Back or CBILS loan?


The Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS) have provided a lifeline for hundreds of thousands of businesses to date, but the time has come for many to start paying them back.

Both schemes removed the burden of making any repayments on the loans for the first 12 months, giving businesses breathing space during a difficult and unpredictable year.

At a time when the impact of the pandemic is still being keenly felt, that 12-month grace period will soon be coming to an end for some businesses, so it’s important to consider how those repayments can be achieved and whether other or additional facilities can provide more support.

The benefits of refinancing

It’s always important for businesses to regularly benchmark and review their funding to ensure they continue to benefit from the most suitable and cost-effective funding available for their evolving needs.

Although CBILS and BBLS loans might have been the most appropriate option at the time, it could be that other finance facilities will provide more support going forward.

For example, depending on the loan you secured, you could be facing higher interest rates than you might be able to secure with other facilities. Similarly, it could be that a revolving credit facility, that releases funding as you grow, will provide better support and avoid the cash flow challenges of making loan repayments every month.

This is where refinancing may enable you to more effectively manage your return on investment, potentially save money on your total repayment or explore a more suitable finance option to meet the evolving needs of your business. This, in turn, could support you in meeting your regular business expenses, allow the business to invest and make it possible to take advantage of new opportunities.

Next steps

If you’d like to explore how refinancing could benefit your business or compare your existing facilities against the wider market, we can help.

As an award winning and FCA-authorised commercial finance broker with over 24 years’ experience of introducing businesses of all sizes to the most suitable facilities, we know that every business is different.

We will take the time to understand your business, how your existing facilities are working and any challenges you’re facing in order to identify the best options – whether it’s by refinancing your facilities or sourcing additional, complementary funding.

Call us on 0800 9774833 or request a call back to discuss refinancing your Bounce Back Loan or CBILS Loan, and find the best solution to support your cash flow.



Hilton-Baird Financial Solutions

17/04/2023 (08:26am)

Hi Matthew Thank you for your comment. A member of our team will be in touch shortly to discuss this and answer your question. In the meantime, please feel free to call our team on 0800 9774833. Many thanks

matthew mceachran

16/04/2023 (12:10pm)

Hi there. I would like to explore options to refi our bounce back loan. please can you confirm the interest rate on such a loan assuming a term of 18-24 months.

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