Get updates for the Government’s Bounce Back Loan Scheme

We’re working to become a provider of Bounce Back loans of up to £50,000. Register for updates below, or you can apply for a CBILS loan of £50,001-£250,000 today.

  • Nothing to pay for 12 months
  • No upfront or early settlement fees
  • Fixed rate of 2.5% per year
  • Fast decisions
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What is the Bounce Back Loan Scheme (BBLS)?

The Bounce Back Loan Scheme is a government initiative to help the UK’s smaller businesses deal with the impact of coronavirus. Under the scheme, you can apply for a loan of £2,000 to £50,000 and, as all providers can use a more streamlined application process, you can access funds even quicker.

Bounce Back Loan vs. CBILS - what's better for my business?

One of the key differences between a Bounce Back loan and a CBILS loan is that they offer different loan amounts. Here’s a summary of their key features:

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

Frequently asked questions

You can borrow more than £50,000 under the Government’s Coronavirus Business Interruption Loan Scheme. As an accredited platform, you can apply for £50,001 to £250,000 through Funding Circle.

If you'd like to borrow more than £250,000, you can find details of other accredited lenders on the British Business Bank’s website. The CBIL scheme has a maximum limit of £5 million.

You can only take out one Bounce Back loan, and you can’t have a Bounce Back Loan and a CBILS loan at the same time. 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 it depends on a variety of factors, including the lending criteria of the CBILS provider.

You would still be able to apply for other commercial loans or credit facilities.

You can’t hold a Bounce Back Loan and a CBILS loan at the same time. If you have a CBILS loan, you can apply for a Bounce Back Loan if you then refinance the CBILS loan in full.

All accredited providers who have approved CBILS loans so far will allow customers to refinance their CBILS loan into the Bounce Back Loan Scheme where appropriate. However, the terms and features under these schemes differ and businesses should discuss these with their lender.

All Bounce Back loans have a fixed interest rate of 2.5% per year and a term of 6 years. There are no other charges or fees, and you won’t need to make any repayments in the first 12 months. You also won’t pay any interest during that time, as the Government pays this on your behalf. This is the same for all businesses and with all providers.

The scheme is open to most businesses, regardless of turnover, who meet the eligibility requirements and were established on or before 1 March 2020.

You can apply for a Bounce Back loan if your business:

  • is based in the UK
  • has been negatively affected by coronavirus
  • is not in bankruptcy, liquidation or undergoing debt restructuring

Full details can be found at www.british-business-bank.co.uk/BBLS.

BBLS has a more streamlined application process than CBILS, so you can access funds faster. Should the business not be able to repay the loan, the Government provides a 100% guarantee to the lender. However, it’s important to remember the business is liable for repaying the full loan amount.

We’re working on becoming a provider of Bounce Back loans. You can register for updates above and we’ll let you know if and when we’re able to offer them.

The Bounce Bank Loan Scheme (BBLS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The provision of BBLS should not be construed as an endorsement or warranty of Funding Circle by the British Business Bank, or the government of the United Kingdom. Full details on BBLS and the list of participating lenders can be found on the British Business Bank website.

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