- Nothing to pay for 12 months
- No upfront or early settlement fees
- Rates from 1.8%-7.4%
- Your clients can borrow £50,001 - £500,000
- Terms from 2 to 5 years
Funding Circle is accredited by the Government-owned British Business Bank to provide loans under the Coronavirus Business Interruption Loan Scheme (CBILS). .
Are your clients eligible for a Coronavirus Business Interruption Loan Scheme (CBILS) loan?
To be eligible for a Coronavirus Business Interruption Loan Scheme (CBILS) loan through Funding Circle, your client will also need to meet the following criteria:
We want to help as many businesses as we can during this challenging period. When assessing your client's application, we’ll look at whether we would have approved their loan under normal circumstances, were it not for the impact of coronavirus.
- UK-based business that’s been adversely affected by coronavirus
- Turnover of up to £45m per year
- Minimum 3 years of trading history
- Over 50% of turnover from trading activity
- Loan is for business purposes
- Loan is primarily for trading in the UK
When taking out a CBILS loan, the business is liable for the full loan amount. The scheme provides a partial guarantee to the lender, not to the business.
Funding Circle is now confirmed as an accredited platform. We’re working hard to make CBILS loans available to our introducer community. We’ll notify introducers as soon as they can apply.
With Funding Circle, your clients can borrow between £50,001 and £500,000. 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 client's application. We may require:
Business bank statements for the last six 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
Your clients can get a CBILS loan through Funding Circle with an interest rate between 1.8%-7.4% APR.
There is no personal guarantee required for CBILS loans up to £250,000. Instead, the Government provides the lender with a partial guarantee of 80% of the value of the loan.
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.
With a CBILS loan from Funding Circle your clients can borrow over 2 to 5 years for loans of £250,000 and below. For loans above £250,000 your clients can borrow over 2 to 6 years. There is nothing to repay for the first 12 months.
You’ll receive a decision on your clients CBILS loan applications in as little as 5 hours.
Your clients can’t hold a Bounce Back Loan Scheme (BBLS) loan and a CBILS loan at the same time. However, if your clients have a Bounce Back Loan, you can still apply for a CBILS loan on their behalf and, if their application is approved, they’ll then be asked to settle their BBLS loan.
The key difference between CBILS and BBLS is the amount a business can borrow. BBLS loans range from £2,000 to £50,000. At Funding Circle, CBILS loans range from £50,001 to £500,000, allowing your clients to borrow more for their business.
Due to the features of the BBLS product, we won’t be accepting introduced businesses for these loans. However, if any of your clients are already customers of ours and are looking for a BBLS loan, you can direct them to our website where they can apply directly.
Managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit British Business Bank website.
Funding Circle Limited is authorised and regulated by the Financial Conduct Authority under firm registration number 722513. Funding Circle is not covered by the Financial Services Compensation Scheme. Registered in England (Co. No. 6968588) with registered office at Funding Circle Ltd, 71 Queen Victoria Street, London, EC4V 4AY, UK.