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Apply online with the support of your account manager. We'll aim to give you a decision in 24 hours.
You’ll only start repaying your loan after a year. And the Government covers your interest till then, too.
Pay back over 3 years or repay early without any fees. If you pay back within a year, it won’t cost you a penny.
You could be eligible for a CBILS loan with us, if your business is based in the UK, and:
you've been negatively affected by coronavirus (COVID-19)
your turnover is less than £45 million a year
you're a limited company
you'll use the money to keep doing business in the UK
you'll only use it for business purposes
more than 50% of your turnover comes from trading (not investments)
Spread payments across three years or repay early anytime. There's no extra or hidden fees.
You’ll get a dedicated account manager to help you with the process, look after your account and answer your calls.
Apply online and get a decision within 24 hours. We’ll always let you know how we’re getting on so you’re never left in the dark.
Our award winning credit team have created a bespoke model to make sure you get the right amount of funds in the right way.
You think you’ve thought of everything, then something else crops up. That’s where iwoca came in, to help us bridge those gaps.
When you’re a small business you need to move fast. Dealing with banks is a long process. Dealing with iwoca was definitely a lot more efficient.
iwoca’s funding allowed us to get on with the job, when otherwise we would have run into a brick wall. It’s a friendly relationship. The simplest possible process with the greatest help.
With iwoca, we could keep investing in kit, equipment and a new facility. So we could keep our standards high.
iwoca was definitely the simplest loan I’ve ever taken out in my life. Last year we launched our product in Tescos and needed more working capital. iwoca helped us do that.
What I like about iwoca is the quick turnaround. It gives you a sense of security.
We fund all types of business, from cafés to car dealers, from salons to solicitors, from Aberdeen to Yarmouth and everywhere in-between.
We have a good relationship with our bank, but the bank moves really slowly. That’s why iwoca is so useful. They’re very fast and very responsive.
The process has been easy, uncomplicated and very quick. Their service is excellent with regular contact and support. I highly recommend this company for any business that needs finance.
With iwoca's reasonable rates and amazing staff, we were able to quickly obtain a loan to purchase equipment before our grand opening. Sophie was very supportive and walked us through the process.
The speed at which iwoca can respond to us is critically important for us to put on a fantastic program. They understand that you can blend technology with that human interaction.
iwoca was a breath of fresh air. We got an okay on our loan within a couple of days and they went above and beyond to help me get our project off the ground.
Borrowing for business can be intimidating but iwoca have always been on hand for me to provide flexible options. They take the stress out of cash-flow issues and allow you to focus on what you do best.
Here are some questions our customers ask. If there’s anything we haven’t covered here, check our FAQ
You can borrow from £50,001 up to £250,000 with an iwoca CBILS loan - the exact amount will depend on your business circumstances. It’s worth noting that the British Business Bank has set a cap of up to 25% of your annual turnover (before the coronavirus impact) for all loans covered by the scheme. Other CBILS lenders provide facilities of up to £5 million - so if you’re looking for a larger amount, check out our providers page.
We’ll be offering loans at a customer APR from 5.9% to 7.8% - we've calculated this based on what you'll pay excluding the interest the government pays for you. The government covers the first 12 months of interest payments. Once you’re approved we’ll break down your repayments by month so you can see how it will look before you take the funds.
Yes, the government has made it clear that CBILS funds can be used to repay debt or refinance existing credit facilities. This is explicitly called out in British Business Bank’s British Business Bank's CBILS FAQs.
The government provides CBILS lenders like iwoca a partial guarantee so that small businesses have access to finance despite the economic uncertainty. You are responsible for paying back 100% of your CBILs loan, just like with any other loan. If you’re unable to pay us back, we must follow our standard collections process before we make a claim against the government guarantee for any shortfall.
We only run soft credit checks which means applying won’t affect your credit score. But if you decide to draw down funds from us, the loan will show up on your credit report.
Even though we offer loans, we’re not a bank. We’re an independent company custom-built for small businesses – and our goal is to provide straightforward access to finance where and when your business needs it.
Interested in the Coronavirus Business Interruption Scheme CBILS - find out more or register your interest
Or visit our coronavirus guides for small businesses for straightforward summaries on topics like accessing government support
For everything else, take a look at our FAQs