Finish your application by 14th April
The CBILS scheme has now closed for new applications. If you have started one already, you need to complete your application and send any documents required by 14th April.
Missed the CBILS deadline? We'll be launching new loan products soon and you can register for updates here.
Funding Circle has applied to the Government-owned British Business Bank to become a provider under the Recovery Loan Scheme.
What is CBILS - Coronavirus Business Interruption Loan Scheme?
The Coronavirus Business Interruption Loan Scheme (CBILS) is a government initiative to help UK small businesses affected by coronavirus to access finance.
The scheme has now closed for new applications. However, if you started an application before 31st March, you could still get a loan under the scheme. Simply sign in to complete your application and send any supporting documents by 14th April.
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. A personal guarantee is required for CBILS loans of over £250,000.
Sign in to complete your CBILS application
Finish your application online and send any supporting documents by 14th April.
Sign in to complete our online form online
Tell us about you and your business with our simple application.
Send any supporting documents
You may need to send bank statements or accounts so we can assess your application
Decision in as little as 5 hours
If approved, you’ll receive a no-obligation, personalised quote.
Your loan is funded
Once you accept, we run some final checks to process your loan and deposit the money straight into your account.
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 firstname.lastname@example.org
COVID-19 helpline 0203 966 1186
Business customer support email email@example.com
Open Mon-Fri, 9am-6pm
Frequently asked questions
A new debt finance programme, the Recovery Loan Scheme (RLS), was announced by the Government in the Budget on 3 March 2021. The new Scheme, which will open on 6 April 2021, aims to support businesses affected by Covid-19 as they recover and grow following the pandemic. RLS supports a maximum facility size of up to £10m with minimum facility sizes starting at £1,000 for Invoice and Asset Finance and £25,001 for Term Loans and Overdrafts. Further information can be found here or on the British Business Bank website.
With Funding Circle you can borrow between £10,000 to £500,000 using CBILS. If you need to borrow more, we may be able to introduce you to some of our partners who can offer larger loans. The scheme has a maximum limit of £5 million.
After you have completed our online form, you’ll need to send a few documents to finish your application. We may require:
Business bank statements for up to the last eight monthsThey must show:
- The Account name and (where possible) the registered address. These must match the business you create the loan application for.
- The sort code and account number.
- All daily transactions.
- A history of a minimum of six months (with the most recent being within one month of your loan application date. If you can select an exact date range, be as up to date as possible).
Latest full unabbreviated accountsThis must include:
- Profit and loss
- Detailed profit and loss
- Balance sheet information
At Funding Circle, the CBILS loan interest rates are between 1.8%-7.4% APR.
APR is the total you will pay for borrowing over the duration of the CBILS Loan, shown as an annual rate. It does not include the upfront fee and the first year’s interest, as the Government pays this for you.
A personal guarantee is not required for CBILS loans of up to £250,000. However, when taking out a CBILS loan, the business is liable for the full loan amount. If the business is unable to repay, the cbils scheme provides a partial guarantee to the lender, not to the business. For CBILS loans over £250,000, a personal guarantee is required.
The Government’s guarantee is to the lender, not the business. Only when the business is unable to repay would the government’s guarantee come into effect.
You’ll get a decision on your CBILS loan in as little as 5 hours.
With a CBILS loan from Funding Circle you can borrow over 2 to 5 years, with nothing to repay for the first 12 months.
The deadline to start a new CBILS loan application was 31st March 2021. If you did not start an application by this date then you are no longer able to get a CBILS loan.
If you have an open CBILS loan application with Funding Circle, you have until 14th April to complete your application and send any supporting documents.
The Coronavirus Business Interruption Loan Scheme (CBILS) 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). Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website.
Please note that, as with any other commercial transaction, the borrower is always responsible for the repayment of the full value of any facility supported by CBILS. The government-backed guarantee is to the lender and not the small business. Any queries about an active or historic EFG facility, including guarantee fee collection and alterations to their repayment profile should be raised with the lender, and not the British Business Bank.