As Funding Circle is an accredited lender under the Government’s Coronavirus Business Interruption Loan Scheme, we can offer our fast application process under CBILS. We may require:You can get a CBILS loan through Funding Circle with an interest rate between 1.8%-7% APR.APR means annual percentage rate of charge. The scheme has a maximum limit of £5 million.After you have completed our online form, you’ll need to send a few documents to finish your application. The loan also can’t be used to repay any borrowings or pay dividends, bonuses or advisory fees.There is some criteria a business must adhere to in order to be eligible for the scheme:As well as the above, at least one of the following must be true for the company:Hopefully the above information has helped you understand the schemes in more detail. Any queries about an active or historic EFG facility, including guarantee fee collection and alterations to their repayment profile should be raised with the lender, and not the British Business Bank.Learn how a fast, affordable loan could help your business.Manage the impact of Covid-19 with a specially tailored business loan.Investment through Funding Circle involves lending to small and medium sized businesses, so your investment can go down as well as up.Funding Circle Limited is authorised and regulated by the Financial Conduct Authority under firm registration number 722513.

The Bounce Back Loan Scheme is a government initiative to help the UK’s smaller businesses deal with the impact of coronavirus.

If you need to borrow more, we may be able to introduce you to some of our partners who can offer larger loans. Broadly speaking, to help decide the right scheme for you, you should ask yourself two questions:If your business is a start up or early stage, you’ll likely want to look at the BBL scheme or the Coronavirus Future Fund for finance.If you’re more established, you’ll then need to think about how much you want to borrow (and how much you can with the 25% turnover rule):To check if you’re eligible for a CBILS loan of £50,001 to £250,000, apply online today.Investment through Funding Circle involves lending to small and medium sized businesses, so your investment can go down as well as up.Funding Circle Limited is authorised and regulated by the Financial Conduct Authority under firm registration number 722513. It includes the cost of both interest and fees that you’ll need to pay, making it easier to compare with other providers.There is no personal guarantee required for CBILS loans up to £250,000. Companies can register their interest in the scheme, but cannot apply directly themselves.The Coronavirus Future Fund provides loans from £125,000 to £5 million, and the scheme will match up to 100% of the amount provided by investors. Only when the business is unable to repay would the government’s guarantee come into effect.You’ll get a decision on your CBILS loan typically within 24 hours.With a CBILS loan from Funding Circle you can borrow over 2 to 5 years, with nothing to repay for the first 12 months.The key difference between CBILS and BBLS is the amount you can borrow. Looking for a CBILS loan? Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the Please note that, as with any other commercial transaction, the borrower is always responsible for the repayment of the full value of any facility supported by CBILS. Other features include:The eligibility requirements for this scheme are as follows:It’s important to note that borrowers are liable for 100% of any loan taken out under the CBILS, BBLS and CLBILS schemes. Registered in England (Co. No. The scheme is open until the end of September 2020.One important thing to note is that the Coronavirus Future Fund can only be accessed by investors connected to an eligible company, or the lead investor in a group of investors. Funding Circle has been praised for its coronavirus response as the alternative finance industry starts to feel the impact of recent economic tensions. Unlike CBILS and CLBILS, the interest rate is set at 2.5% per annum, regardless of the provider. The objective of this program is to help businesses retain their workforce and assist with operational expenses. As well as the Government paying the interest for the first 12 months and upfront fee, you also won’t need to make any repayments for the first 12 months: All rights reserved. Get fast, affordable business loans from Funding Circle, the 2019 LendIt Top Small Business Lending Platform.