Business loans. Simplified

Borrow up to £750,000 with a loan backed by the Government’s Coronavirus Business Interruption Loan Scheme (CBILS), or with the Flexi-Loan

Borrow up to £750,000 with the Government backed CBILS loan, or with the Flexi-Loan

Applying won’t affect your credit score

How CBILS loans work


Help with your application

If you get stuck or have any questions, give us a call. You’ll get straight through to an account manager.

Pay nothing for 12 months

You’ll only start repaying your business loan after a year. And the Government covers your interest till then, too.

Repay early with no fees

Pay back over 5 years or repay early without any fees. If you pay back within a year, it won’t cost you a penny.

Is my business eligible for CBILS?


You could be eligible for a CBILS loan with us if you’re a limited company based in the UK, and:

  • you've been negatively affected by coronavirus (COVID-19)

  • your 2019 turnover was £200,000 or more and you’re looking to borrow more than £50,000

  • your turnover is less than £45 million a year

  • 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)

Sound like you? Apply now

Find out which loan is right for you


Looking for help?

A CBILS loan could be right

Government-backed loan for businesses struggling because of coronavirus.


  • Loans from £50,001 to £750,000
  • Borrow up to 5 years
  • Nothing to pay for 12 months

Looking to grow?

A Flexi-Loan might be for you

Our original loan: apply fast and 
top up whenever you need to.


  • Loans from £1,000 to £200,000
  • Borrow over 12 months
  • Decisions in 24 hours

Why iwoca?


A go-to person

You’ll get a dedicated account manager to help you with the process, look after your account and answer your calls.

Tailored decisions

Our award winning credit team have created a bespoke model to make sure you get the right amount of funds in the right way.

Clear application

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.

Want to know more about CBILS?

Here is a bit more information we think might help. If you want to know more about iwoca, check our FAQs

So what exactly is the Coronavirus Business Interruption Loan Scheme? Since the pandemic started, it’s acronym has become common in the vocabulary of business owners and accountants, but understanding it fully is crucial if you’re on the hunt for financial support at the moment. Announced by the Government in May 2020, this type of loan is designed to offer a cheaper way of borrowing for businesses hit by the effects of coronavirus. Through the scheme, it’s possible to get access to £50,001 – £5m in the form of business loans, overdrafts, asset finance or invoice finance. Terms vary from product to product, but the longest on offer are six years. But the Government isn’t offering this money directly. Instead, it’s accredited over 80 lenders to do what they do best – deliver finance to those who need it. These range from the big highstreet banks, to fintech lenders such as us, and specialist lenders.

You can borrow from £50,001 up to £750,000 with our 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 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 10.2% - 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, you can take several CBILS loans with different providers, however the total amount you can borrow is capped according to government guidelines. Typically you can borrow (in total, across all lenders) up to 25% of turnover, double your annual wage bill or enough to cover liquidity needs for 18 months from the date of borrowing. Total CBILS amount cannot be higher than £5m. The government pays the first 12 months of interest on CBILS loans, and this is considered ‘government aid’. You’ll need to make sure the total government aid you receive during the coronavirus crisis is within the limits the government set (up to EUR 800,000 for most small businesses except fisheries and agriculture businesses). We will ask you to confirm this before you draw down CBILS funds with us.

Government rules say that you can’t hold a Coronavirus Business Interruption Loan Scheme and a Bounce Back Loan Scheme (BBLS) loan at the same time. That means if you take one type of loan, you’ll need to use the money to pay off the other loan immediately.

We might ask some customers to give a debenture on their business.

There’s no need for a personal guarantee with our loans up to £250,000. Above £250,000 the personal guarantee is only attached to 20% of your outstanding loan amount.

If you need less than £50,000 it’s worth looking at the Bounce Back Loan Scheme. You can access BBLS funds by applying with your bank - for most banks this is a straightforward form, you won’t need any documents. iwoca can’t offer BBLS loans yet, it’s worth applying to your bank now rather than waiting for us.

The government provides 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 business 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.

To offer the right amount of funds for your business, we’ll look to understand how your business was performing before and during the coronavirus crisis. You will need to share bank statements from Sep 2019 onwards, 12 months VAT returns and 2 years of company accounts (or less if your business is younger). Here is a detailed walk through of the documents we’ll need.

For small businesses thinking of applying for the scheme, they should pay special attention to the 12 month repayment holiday. Not all businesses have enough cash to start making loan repayments right away, but with the coronavirus business interruption loan scheme they don’t have to. This repayment holiday means that business owners can focus all of their attention on rebuilding and recovering. Whether you need the funding now or just want a cash cushion in case you need it at a later date, this type of loan could be perfect for your business. Though the Government is yet to provide clarity on when the scheme will end, it definitely won’t last forever – it could be a good idea to apply before it’s too late.

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). Full details on CBILS and the list of participating CBILS lenders can be found on the British Business Bank website.

      

Stephen Gee

Gee Ski Ltd

You think you’ve thought of everything, then something else crops up. That’s where iwoca came in, to help us bridge those gaps.

Ian Hoyos

Champs Barbers

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.

Carl Douglas

Carl Douglas Racing Shells

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.

Tracy Sambrook

SEB Brewing

With iwoca, we could keep investing in kit, equipment and a new facility. So we could keep our standards high.

Tom Seaton

Crate Bars Ltd.

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.

Jonathan Hamp

Thermapply

What I like about iwoca is the quick turnaround. It gives you a sense of security.

Loved by over 50,000 small businesses (and big names) since 2012

Tom Hyde

Brew Lab

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.

Tim Law

Simply Plants

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.

Cecilia Downer

Nails and Cocktails

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.

Mash Seriki

Healthcare Learning Ltd

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.

Olivia Smith

Olivia and Pearl

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.

Alex Harris

Behind This Wall Ltd

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.

Customer support

Questions? We're here to help

Small business loans are all we do, so you'll get straight through to someone who can help, like Lisa – we're not fans of hold music. Call us from Monday to Friday (9am - 6pm). We accept applications over the phone.

Apply now