Soon we’ll be able to help more businesses by offering CBILS

Soon we’ll be able to help more businesses by offering CBILS

We’re delighted we’ll soon be able to help more customers get access to CBILS and the Government has recognised the role Fintech has to play in supporting small businesses during this crucial time. We’re working hard to make the necessary changes so that we can start offering CBILS loans soon.

  • No fees, ever

  • No interest or repayments for a year

  • Your own account manager

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

How does the Coronavirus Business Interruption Loan Scheme (CBILS) work?

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’re working to start lending to those most in need soon. At first, we’ll only be taking applications from our existing customers – we’ll reach out to these customers directly when we do. We’re hoping to offer CBILS loans to new customers as soon as we can, hopefully within the next few weeks. We’ll keep you updated as we get more information.

Is a business eligible?

A business could be eligible for a CBILS loan with us if the business is based in the UK, and:

  • they’ve been negatively affected by coronavirus (COVID-19)

  • their turnover is less than £45 million a year

  • they're a limited company

  • they will use the loan to keep doing business in the UK

  • they will only use the funds for business purposes

  • over 50% of their turnover comes from trading activity (not investments)

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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 Support Centre

Limited companies with an annual turnover of less than £45 million that generate more than 50% of their turnover from trading activity (i.e. not from investments) and are not in the sectors excluded by the BBB.We’re only able to lend CBILS to businesses that have been adversely impacted by COVID-19, but would be approved by us under normal circumstances. And finally, you must be using the loan for business purposes.

Customers can borrow up to £250,000 with an iwoca CBILS loan - although how much they can borrow will depend on business circumstances. Typically we can lend up to 25% of annual turnover but this will vary by company.

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 - they can sign into their account page to register their interest. We’ll email them when we’re able to help so there is no need to contact their account manager about CBILS.

We’re working as hard as we can to process applications as fast as we can - but it will take us a little time to get up to speed. If your customer urgently needs CBILS funding, visit the British Business Bank's website for a list of accredited lenders.

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.

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.

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