To learn more about BBLS and the features it offers, we’ve got another article that goes into more depth here.
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You’ll need to ensure that you request enough funds to cover the cost of repaying your Bounce Back loan, in addition to the extra funds you want to request through CBILS. This is because you can’t hold both loans at any one time.
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If you’re then successful, you will need to settle your existing BBLS loan. If you’ve already taken out a Bounce Back loan and want to borrow more with a CBILS loan, you can still apply. However, if you want to borrow less than £50,001, take a look at the Bounce Back Loan Scheme (BBLS).
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The CBIL scheme was designed to help businesses through the pandemic, which means it has better features than most normal loans.įor instance, the Government pays the interest for the first 12 months of the loan, in addition to paying the upfront fee, which means if you can pay the loan back in full within a year, it won’t have cost you a penny. If you still haven’t taken advantage of the scheme, but think you finance could help you either now or in the future, it’s worth considering taking out a CBILS loan. How should I prepare for the end of CBILS? In order to apply for a CBILS loan with us, you will need to have started your application by the end of the day on 31st March 2021. Is there a deadline to apply for a CBILS loan with Funding Circle? Please check gov.uk for the most up-to-date information. Beyond this, the Government is working to provide a new government-guaranteed loan scheme. On the 17th December 2020, the CBILS loan scheme was extended for the third time by the Chancellor, with the deadline now set for the end of March 2021. Those who want to apply will need to have started their application by the end of the day. Loan is primarily for trading in the UKĬBILS has now been extended again and applications will be accepted up to 31st March 2021.Over 50% of turnover from trading activity (e.g.UK-based business that’s been adversely affected by coronavirus.To be eligible, your business will need to meet the following criteria: No personal guarantee on loans up to £250,000.Government covers the first 12 months of interest payments.In addition to the Government paying the interest for the first 12 months as well as the upfront fee, with a Funding Circle CBILS loan, you also won’t need to make any repayments for the first 12 months: Businesses can apply for a loan of up to 25% of their annual turnover.Īs an accredited provider, we’re able to offer our fast application process to those looking to access the scheme. It’s primarily focused on providing financial support to SMEs who have experienced lost revenue and cash flow disruptions as a result of coronavirus. The Coronavirus Business Interruption Loan Scheme (CBILS) is provided through the British Business Bank and a group of accredited providers. What is the Coronavirus Business Interruption Loan Scheme (CBILS)? If you’re looking for information about the end of the Bounce Back Loan Scheme (BBLS) click here. As the deadline to apply has now moved to the 31st March 2021, we take a look at what you need to know about the new end date of the scheme, and how you can best prepare.įollow the link to apply for a CBILS loan today.
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The Chancellor has provided a further extension of the Coronavirus Business Interruption Loan Scheme (CBILS).