Apply for a CBILS Loan
Boost your cash flow, get some breathing space or grow your business with nothing to pay for 12 months and a decision typically in 24 hours.
- Borrow £50,001 to £500,000
- No upfront or early settlement fees
- Rates from 1.8%-7.4%
- Decision typically in 24 hours
Funding Circle is accredited by the Government-owned British Business Bank to provide loans under the Coronavirus Business Interruption Loan Scheme (CBILS). .
What is the Coronavirus Business Interruption Loan Scheme (CBILS)?
The Coronavirus Business Interruption Loan Scheme (CBILS) is a government initiative to help UK small businesses affected by coronavirus to access finance. As Funding Circle is an accredited platform, you can apply for a CBILS loan online with us.
To give you some breathing space, there are no repayments for the first 12 months. The Government will pay the interest during that time and the upfront fee, helping to reduce the overall cost. If you want to settle the loan early, there’s also no fees for full early repayment.
Am I eligible for a CBILS loan?
To be eligible to apply for a CBILS loan through Funding Circle you need to meet the following criteria:
- UK-based business that’s been adversely affected by coronavirus
- Turnover of over £200,000
- 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
To help as many businesses as possible, we’ll assess whether we would have made you a loan offer in normal circumstances, regardless of the impact of Covid-19.
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.
Frequently asked questions
As an accredited platform, you can apply for a CBILS loan using our online form. We’ll then ask you to send us some documents so we can assess your application.
With Funding Circle you can borrow between £50,001 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
You can get a CBILS loan through Funding Circle with an interest rate between 1.8%-7% APR.
APR means annual percentage rate of charge. It includes the cost of both interest and fees that you’ll need to pay, making it easier to compare with other providers.
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 scheme provides a partial guarantee to the lender, not to the business. For CBILS loans of 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 typically within 24 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 key difference between CBILS and BBLS is the amount you can borrow. BBLS loans range from £2,000 to £50,000. At Funding Circle, CBILS loans range from £50,001 to £500,000, allowing you to borrow more for your business.
You can’t hold a Bounce Back Loan and a CBILS loan at the same time. However, if you have a Bounce Back Loan, you can still apply for a CBILS loan and, if your application is approved, you’ll then be asked to settle your BBLS loan.
If you’re a limited company and have a loan with us already, you could apply for a Bounce Back Loan.
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.