Coronavirus loans for small businesses
We are accredited under the Coronavirus Business Interruption Loan Scheme (CBILS). To ensure the best possible experience for your clients, we will be rolling out CBILS loans in phases to our introducer community. We’ll notify introducers via email as soon as they can apply.
- Nothing to pay for 12 months
- No upfront or early settlement fees
- Rates between 1.4%-8.9% APR
- Decision typically in 24 hours
- Terms from 2 to 5 years
The Government-owned British Business Bank is supporting the UK’s small businesses with the Coronavirus Business Interruption Loan Scheme (CBILS). .
Are your clients eligible for a coronavirus business loan?
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.
To be eligible for a coronavirus business loan through Funding Circle your client will also need to meet the following criteria:
- UK-based business that’s been adversely affected by coronavirus
- Turnover of up to £45 million
- 3 years of trading history
- Over 50% of turnover from trading activity (e.g. not from investments)
- Loan is for business purposes
- Loan primarily for trading in the UK
When taking out a CBILS loan, the business is liable for the full loan amount. If the business is unable to repay, the scheme provides a partial guarantee to the lender, not to the business.
Funding Circle is now confirmed as an accredited platform. We will be rolling out the CBILS loan in phases to our introducer community. We’ll notify you as soon as you can apply on behalf of your client.
With Funding Circle your clients can borrow up to £250,000.
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 1.4%-8.9% APR.
There is no personal guarantee required for CBILS loans up to £250,000. Instead, the government provides us with a partial guarantee of 80% on your client's behalf.
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. Only when the business is unable to repay would the government’s guarantee come into effect.
You’ll get a decision on your clients CBILS loan typically within 24 hours.
With a CBILS loan from Funding Circle your clients can borrow over 2 to 5 years, with nothing to repay for the first 12 months.
Corporate and bank partners
We also work with a wide range of corporate and bank partners to help even more businesses access finance through Funding Circle.
Contact the team
Email our Partnerships team at firstname.lastname@example.org to find out how we can work together.