Coronavirus Business Interruption Loan Scheme (CBILS):
If you have a CBILS application in progress, the interest rate your business pays back is determined by a number of factors. Our credit assessment process looks at the information you provide us, alongside publicly available data, for example from credit bureaus. The outcome of this process, along with the length of repayment term and the amount you are borrowing helps to determine what your interest rate will be.
In addition, the Government pays the upfront fee and the first year’s interest for you. After these savings are deducted, the total cost you’ll pay over the lifetime of the loan is 1.8%-7.4% per year.
Please note, the CBILS scheme is no longer open to new applications.
Bounce Back Loan Scheme (BBLS):
If you have a BBLS application in progress, the interest rate for your BBLS loan is fixed at 2.5% per year. The government pays this on your behalf for the first year.
As the government provides a 100% guarantee on the loan, there is no required credit assessment.
Please note, the BBLS scheme is no longer open to new applications.