Apply for a coronavirus business loan (CBILS)

Borrow £50,001 to £250,000 to manage the financial impact of Covid-19 and have nothing to pay for 12 months.

  • Nothing to pay for 12 months
  • No upfront or early settlement fees
  • Rates between 1.8%-7.0%
  • 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). .

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 make the loans more affordable, there’s no repayments for the first 12 months. You won’t be charged interest during that time or need to pay a fee to take out the loan, as the Government will cover this for you. If you want to settle the loan early, there’s also no fees for full early repayment.

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

£6.2 billion
Lent to businesses

What’s the difference between CBILS and Bounce Back loans?

One of the key differences between the two schemes 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 1.8%-7.0%
  • 2 to 5 year terms
  • Nothing to pay for 12 months
  • No upfront or early settlement fee
  • Decisions typically within 24 hours

BBLS loans are a good option if you want to borrow up to £50,000. However, if you want to borrow more, either now or in the future, a CBILS loan could be a better option.


Frequently asked questions

You can’t take out a Bounce Back Loan if you have been approved for a CBILS loan and vice-versa. 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 loan into the Bounce Back Loan Scheme where appropriate. However, borrower protections under these schemes differ and businesses should discuss these with their lender.

Similarly, if you have a BBLS loan already, it is possible to get a CBILS loan if you refinance your BBLS 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 under the Government’s Bounce Back Loan Scheme (BBLS). You can find out more and register for updates and we’ll let you know if and when we’re able to offer them.

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 up to £45 million
  • 3 years of trading history
  • Over 50% of turnover from trading activity (e.g. not from investments)
  • Loan is for business purposes
  • Loan primarily for trading in the UK

We’re only able to offer CBILS loans to limited companies at the moment, but we’re updating our systems so that sole traders, partnerships and other business types can apply soon.

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.

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 £250,000 using CBILS. If you need to borrow more, we can 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 the last six months

They 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 accounts

This 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 1.4%-8.9% 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.

There is no personal guarantee required for CBILS loans up to £250,000. Instead, the government provides us with a partial guarantee of 80% on your behalf. However, it’s important to understand that the business is liable for the full loan amount.

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 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.

We’re here to help

Contact our team if you have any questions.

0800 048 2467

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