Coronavirus loans for small businesses

Get a business loan of £50,001 to £250,000 under the CBILS scheme and have nothing to pay for 12 months.

  • Nothing to pay for 12 months
  • No upfront or early settlement fees
  • Rates between 1.4%-8.9% APR
  • Decision typically in 24 hours
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British Business Bank

The Government-owned British Business Bank is supporting the UK’s small businesses with the Coronavirus Business Interruption Loan Scheme (CBILS). .

Considering a Bounce Back loan? You could borrow more with CBILS

The Government’s Bounce Back Loan Scheme (BBLS) is a good option if you want to borrow up to £50,000. If you want more than £50,000, the Coronavirus Business Interruption Loan Scheme (CBILS) could help.

Bounce Back Loans (BBLS):

  • Borrow £2,000 to £50,000
  • Fixed rate of 2.5% per year
  • Fixed 6 year terms
  • Nothing to pay for 12 months
  • No upfront or early settlement fee
  • Fast decisions

Funding Circle CBILS loans:

  • Borrow £50,001 to £250,000
  • Rates between 1.4%-8.9% APR
  • 2 to 5 year terms
  • Nothing to pay for 12 months
  • No upfront or early settlement fee
  • Decisions typically within 24 hours

Government regulations state that you can’t have both a CBILS and BBLS loan at the same time. That means if you want to borrow more than £50,000, either now or in the future, a CBILS loan could be a better option.

If you have a Bounce Back loan already, it may be possible to get a CBILS loan if you then settle your Bounce Back loan. However, this is not guaranteed as there are limits on the amount of refinancing that any lender can provide under the CBIL scheme.

We’re working to become a provider of Bounce Back loans and you can register for updates here, or you can apply for a CBILS loan today.

57,000 UK businesses have financed their goals by borrowing £6.2 billion through Funding Circle.

£6.2 billion
Lent to businesses
The funds have helped us move our business forward
Previously reliant on distributors, Tom at Bobbin Bicycles borrowed to start selling directly to customers via their website.

Who’s eligible for a CBILS business loan?

When assessing your CBILS loan application, we consider whether you would have been approved under normal circumstances, were it not for the impact of coronavirus.

You need to meet the following criteria to be eligible for a coronavirus business loan with Funding Circle:

  • UK-based business that’s been adversely affected by coronavirus
  • Turnover of up to £45 million
  • Minimum 3 years of trading history
  • Over 50% of turnover from trading activity (e.g. not from investments)
  • Loan is for business purposes
  • Loan is primarily for trading in the UK

You can get a CBILS loan through Funding Circle of £50,001 to £250,000. If you’d like to borrow up to £50,000, you may be able to benefit from the Government’s Bounce Back Loan Scheme (BBLS).

When taking out a CBILS loan, the business is liable for the full loan amount. If the business is unable to repay, the scheme provides a partial guarantee to the lender, not to the business.

How do I apply for a CBILS business loan?

It’s quick and easy to apply online and you’ll receive a fast decision to take your business forward.

  1. Check if you qualify in 30 seconds

    See if you’re eligible without affecting your credit score.

  2. Apply online in 10 minutes

    Tell us about you and your business with our simple application.

  3. Decision in 24 hours

    If approved, you’ll receive a no-obligation, personalised quote.

  4. Your loan is funded

    Once you accept, we run some final checks to process your loan and deposit the money straight into your account.

Apply now

Here to help if you need us

Our UK-based team are here to help throughout your loan. If you’re already a customer and have been impacted by Covid-19, please give us a call on our dedicated line.

Please note that due to an increase in call volumes, wait times are longer than usual. We appreciate your patience.

Loan enquiries credit@fundingcircle.com

COVID-19 helpline 0203 966 1186

Business customer support email loanservicing@fundingcircle.com

Open Mon-Fri, 9am-6pm

Recommended by our customers

All we do is small business lending. As a result, 9 out of 10 of our businesses would come back to us first next time.

Learn about our business loans

Funding Circle have gone over and above what was expected. I can't praise them enough. I would definitely recommend them to anyone.
Hannah, January 2020
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FT
Funding Circle was the first “marketplace lender” to join the UK’s Coronavirus Business Interruption Loan Scheme
The Financial Times, April 2020