Good news – we’re now an accredited CBILS lender

We’re excited to continue providing finance to small businesses through the Coronavirus Business Interruption Loan Scheme (CBILS)

20 May 2020

On 20 May, the British Business Bank accredited us as a CBILS lender – meaning we’re now able to offer Government-backed finance to businesses that have been affected by coronavirus.

“Britain’s small businesses will be playing a front and centre role in getting our economy back on track,” says Christoph Rieche, co-founder and CEO of iwoca. “From today we’ll be able to support this effort and give small businesses much needed access to funding so that they can manage cash flow gaps, stay afloat and prepare for the future.”

To begin with, we’ll only be accepting applications from existing customers but want to encourage all small business owners in need of finance to register their interest for CBILS.

The details of our CBILS loans are:

  • loans of £50,001 – £350,000 (up to a max of 25% of your 2019 turnover)
  • up to three year terms (with no early repayment fees)
  • a 12 month repayment holiday
  • no personal guarantee
  • 5.9% – 7.8% APR

Having served over 50,000 customers since 2012, our processing capabilities are often able to exceed those of the big banks. Our ability to process applications quickly and efficiently means we’re well suited to getting small business owners the finance they need. We’re keen to work alongside other accredited lenders – banks and fintechs alike – to reduce the backlog of CBILS applications as fast as possible.

“Our accreditation is a step in the right direction, but there’s more that can be done,” continues Christoph. “We’ll continue to work closely with the Government, the British Business Bank and other banks to make these schemes work for small businesses.”

“As a non-bank lender we do not have access to financing from the Bank of England. During this unprecedented time the Government needs to go one step further to level the playing field between banks and non-banks so that we can deliver on their commitment to save Britain’s small businesses.”

Find out more about our CBILS accreditation

To find out more about this loan scheme, head over to our CBILS homepage. There, we’ll have up to date information on who can apply, as well as detailed information about our eligibility criteria.

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Dan is part of the content team at iwoca. He writes articles explaining financial topics, as well as guides on the best support for small businesses during coronavirus.

Article updated on: 7 October 2020

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