Apply for a CBILS loan

Apply for a CBILS loan

Get back on track with the Government-backed Coronavirus Business Interruption Loan Scheme (CBILS).

  • Borrow from £50,001 to £750,000 for up to 5 years

  • No interest or repayments for a year

  • Repay early with no fees

  • Have help on hand with your own account manager

We've been supporting over 50,000 small businesses with access to finance since 2012.

The simpler way to get a CBILS loan

  1. See if you’re eligible in two minutes. Answer a few questions to see if a CBILS loan could be right for you.
  2. Apply online with help at hand. Although our application process is all online, you’ll have your own account manager to help. Once we’ve approved you and done a few extra checks, we’ll ping the money straight to your account.
  3. Repay over five years (or earlier). These loans officially last five years, but you can also repay early without a fee - and you don’t pay anything for a year, anyway..

More info from the government about CBILS loans

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

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.

CBILS Calculator


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Year 1



There's no fixed schedule.

Repay however you like in 12 months.



There's no fixed schedule.

Repay however you like in 12 months.

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Total payment


Total interest


Use our CBILS calculator to get a better idea of what your business loan with us could look like. Simply tell us how much you’d like to borrow and how long for, and we’ll show you what your monthly repayments might look like. There’s nothing to pay for the first 12 months, so the first year will always show £0.

Find out if you’re eligible for CBILS

To get started, we just need to ask you a few questons.

Customer support

Questions? We're here to help

You can visit our coronavirus guides for straightforward summaries on topics like accessing government support, or you can take a look at our FAQs.

Apply now