window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-44761406-1'); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= ''+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-5QW7RD');
Business Loans & Funding

Can I get a second CBILS loan?

Updated: 16 February 2021

Update 17/12/20:

With the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) extended, for a third time, to 31st March 2021, you may be wondering if it’s possible to take out more than one CBILS loan. Here, we look at some of the key questions, including the benefits, eligibility criteria and how you can apply.

Can I get two CBILS loans?

Yes, you can apply for a second CBILS loan here, although there are some caveats.

Firstly, you can only take out a second CBILS loan provided you haven’t already taken out a loan for the maximum amount available to your business (equivalent to 25% of your annual turnover).

Secondly, the combined value of your two CBILS loans cannot exceed 25% of your annual turnover. This means that if you already borrowed the equivalent of 15% of your annual turnover, you could borrow up to 10% of your turnover on your second CBILS loan.

In essence, this means you can have two CBILS loans running side by side, should you wish to. At Funding Circle you can borrow up to £500,000, although the scheme has a maximum limit of £5 million. Other eligibility will also apply.

What are the benefits of taking out a CBILS loan from Funding Circle?

There are a number of benefits to taking out a CBILS loan from Funding Circle:

  • Loans between £50,001 and £500,000
  • Nothing to pay for 12 months
  • Government covers the first 12 months of interest payments
  • Government covers the upfront fee
  • No early settlement fees
  • Decisions in as little as 5 hours
  • No personal guarantees for loans up to £250,000

With a repayment holiday of 12 months, no interest in your first year and no upfront fee, that means if you change your mind and settle the loan within the first year, it won’t have cost you a thing.

Can I get a CBILS loan if I’ve got a BBLS loan already?

The process of taking out a CBILS loan if you already hold a Bounce Back Loan (BBLS) is slightly different. You can’t hold a CBILS and BBLS loan at the same time, which means if you take out a CBILS loan, you’ll need to settle your BBLS loan in full.

This means that in order to switch to a CBILS loan, you’ll need to refinance your existing BBLS loan with your CBILS loan. Be sure to request enough finance in your CBILS loan to clear the outstanding balance on your BBLS loan and leave enough leftover for any additional funding you need.

There are also some additional eligibility requirements you’ll need to meet in order to take out a CBILS loan, so you’ll want to check you’re eligible before considering this option:

  • 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

How to apply for a second CBILS loan

If you have an existing CBILS loan with Funding Circle or another provider, visit our website here to check your eligibility. Our online application is quick and simple — apply online in just 10 minutes and you could get a decision in as little as 5 hours.

How to apply for a CBILS loan if you have a BBLS loan already

If you have an existing BBLS loan with Funding Circle or another provider, the process is slightly different. First, visit our website here to check your eligibility. You’ll need to make sure that you request enough to pay back your BBLS loan in full, along with any additional funds that you require, up to a maximum of 25% of your annual turnover.

For those with an existing BBLS loan with Funding Circle, once you’ve been approved, we will refinance your BBLS loan with your CBILS loan. Your BBLS loan with us will be paid off in full, and you will receive the additional finance you requested.

For those with an existing BBLS loan with another provider, once you’ve been approved and have the funds paid out, you’ll then need to contact your BBLS loan provider to repay that loan in full.

It’s important to remember that when taking a loan your business is liable for the full loan amount. The CBIL and BBL schemes provide a guarantee to the lender, not to the business.

All information is correct at time of publishing. While we want to help as much as we can, the information and documents found here are provided solely for informational purposes and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, the information contained here.If you have any questions, please speak to your professional adviser or seek independent legal advice.

CBILS and BBLS are 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. They are not authorised or regulated by the PRA or the FCA. Visit

Great Review: