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At Funding Circle, the CBILS loan interest rates are between 8.9%-12.1% APR.

APR is the total you will pay for borrowing over the duration of the CBILS Loan, shown as an annual rate. It does not include the upfront fee and the first year’s interest, as the Government pays this for you.

A personal guarantee is not required for CBILS loans of up to £250,000. However, when taking out a CBILS loan, the business is liable for the full loan amount. If the business is unable to repay, the cbils scheme provides a partial guarantee to the lender, not to the business. For CBILS loans over £250,000, a personal guarantee is required.

The Government’s guarantee is to the lender, not the business. Only when the business is unable to repay would the government’s guarantee come into effect.

With a CBILS loan from Funding Circle you can borrow over 2 to 5 years, with nothing to repay for the first 12 months.

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.

Please note that, as with any other commercial transaction, the borrower is always responsible for the repayment of the full value of any facility supported by CBILS. The government-backed guarantee is to the lender and not the small business. Any queries about an active or historic EFG facility, including guarantee fee collection and alterations to their repayment profile should be raised with the lender, and not the British Business Bank.