Updated: 16 February 2021
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.
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.
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:
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.
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.