Coronavirus Business Interruption Loan Scheme (CBILS):
With a CBILS loan, 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. Our interest rates for CBILS loans range from 1.4%-8.9% APR.
APR means annual percentage rate of charge. It includes the cost of interest that you’ll need to pay, making it easier to compare with other providers.
Bounce Back Loan Scheme (BBLS):
The interest rate for 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.