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CBILS Extension – everything you need to know

Borrower Coronavirus Updates

CBILS Extension – everything you need to know

Updated: 16 February 2021

Update 17/12/20:

The Coronavirus Business Interruption Loan Scheme (CBILS) was set to end on 31st January 2021. However, the Chancellor has, once again, provided a further extension to the scheme. Here, we take a look at what you need to know about the most recent CBILS extension.

When is the new CBILS deadline?

The Government’s CBILS loan scheme has now been extended to 31st March 2021. This means you have until this date to start an application for a CBILS loan.

What’s changed?

During the Chancellor’s announcement on 24th September, providers of CBILS loans were given the option to extend their loan terms up to a maximum of 10 years. Otherwise, businesses that apply for the scheme will still receive all the other benefits as those that applied before. For Funding Circle CBILS loans, these include:

  • Loans between £50,001 and £500,000
  • No repayments for the first 12 months
  • Government covers the first 12 months of interest payments
  • Government covers the upfront fee
  • No early settlement fees
  • Decisions typically within 24 hours
  • No personal guarantee for loans up to £250,000

The eligibility criteria hasn’t changed either. The following criteria still applies for CBILS loans from Funding Circle:

  • 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 CBILS loan

In order to apply for a CBILS loan, you’ll want to ensure you meet the eligibility criteria. Then, simply visit our website to check your eligibility. You’ll receive a decision on your application typically within 24 hours, and the funds will arrive in your account typically within two weeks.

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 is 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.co.uk.

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