Updated: 7 October 2020
The Coronavirus Business Interruption Loan Scheme (CBILS) was set to end on the 30th September. However, the Government has now announced that the scheme will be extended, which is great news for small businesses that have yet to take advantage of the scheme. Here, we take a look at what you need to know about the CBILS extension.
The Government’s CBILS loan scheme has now been extended to 30th November 2020. This means you have until this date to start an application for a CBILS loan.
In addition to the deadline for applications being extended, providers of CBILS loans will have 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 specifically, these include:
The eligibility criteria hasn’t changed either. The following criteria still applies for CBILS loans from Funding Circle:
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.
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.