We're offering CBILS loans

We're offering CBILS loans

We've opened applications to some of our existing customers. If you’re new to iwoca, register your interest below.

  • Borrow from £50,001 to £250,000 over 3 years

  • No interest or repayments for a year

  • Repay early with no fees

What is the Coronavirus Business Interruption Loan Scheme (CBILS)?

Businesses can borrow up to £250,000 over 3 years (and the first year’s interest will be covered by the government). The Government launched CBILS to help small businesses who are struggling because of coronavirus. We’re now an official provider: the Government will cover the interest on CBILS loans for the first 12 months.

We hope to start lending to those most in need soon. We'll start inviting some iwoca customers to apply very soon. It will take us a few weeks to get fully up and running - but we hope to open applications to all eligible businesses shortly after.

Register your interest and we’ll update you when we can help. If you’re interested in CBILS - leave your contact information and we'll keep in touch via email to keep you in the loop. We’re working hard to increase the number of applications we can process to support as many small businesses as possible.

More info from the Government

Is my business eligible?

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)

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

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 - customers with iwoca loans can apply for CBILS loans. We’re gradually opening applications to existing customers. We’ll email you as soon as you can apply and you’ll see an invite in your account dashboard.

Yes, you can take several CBILS loans with different providers, borrowing up to £5m in total. 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 CBILS and a Bounce Back Loan Scheme (BBLS) loan at the same time. That means if you take a CBILS loan, you’ll need to use the money to pay off your BBLS loan immediately.

There is no personal guarantee for iwoca CBILS loans. We may ask some customers to provide a debenture on their business.

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 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.

To offer the right amount of CBILS 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). We will also ask you to jot down your incomings and outgoings in the next months, and any other debts you have. Here is a detailed walk through of the documents we’ll need.

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). Full details on CBILS eligibility criteria and the list of participating CBILS lenders can be found on the British Business Bank website.

Register your interest for CBILS today

If you’re interested in getting the Coronavirus Business Interruption Loan Scheme (CBILS), you can register your interest now. We’ll update you when you can apply.

Lady on phone

Questions? We're here to help

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