Coronavirus Business Interruption Loan Scheme

We are now an accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS) and we expect to be taking applications soon

SIGN UP FOR UPDATES *We are currently working with the British Business Bank to open CBILS applications soon. Sign up and we will notify you when applications are open.
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Credit facility from 

£50,001 up to £100,000

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Indicative approval

within minutes

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Rates between

9.9 - 14.9% APR

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Same-day access to

funding

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What is the Coronavirus Business Interruption Loan Scheme?

Coronavirus Business Interruption Loan Scheme (CBILS), delivered through British Business Bank accredited lenders and partners, is designed to support UK-based small businesses through the COVID-19 crisis.

Lending under CBILS is partially guaranteed by the government, which allows small business lenders, like Capital on Tap, to lend to businesses that might not have previously been eligible for a loan, due to the effect COVID-19 has had on their business.

In addition to the guarantee to the lender, the government will also pay any interest or fees charged in the first year, so small businesses can benefit from no upfront costs and lower initial repayments.

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Key features of CBILS with Capital on Tap

Capital on Tap is accredited by the British Business Bank to lend from £50,001 up to £100,000 through our flexible revolving credit facility.

The APRs range from 9.9% to 14.9% and any interest charged in the first 12 months will be paid for by the government as a 'Business Interruption Payment'. 

There is no personal guarantee as a security for overdrafts under CBILS. Your business still remains responsible for repaying 100% of the debt.

Small business owner

We've helped more than 100,000 businesses

That's over £1.5 billion lent to small businesses around the UK to help them reach their business goals.

Find out more about applying for CBILS

To be eligible to apply for CBILS through Capital on Tap, you need to meet the following criteria:

  • Be a UK-based business;
  • Have a turnover of no more than £45 million per year;
  • Generate more than 50% of your turnover from trading activity;
  • Use the CBILS-backed facility to primarily support trading in the UK;
  • Self-certify that your business has been adversely impacted by the Coronavirus (COVID-19);
  • Not have been classed as a “business in difficulty” on 31 December 2019, if applying to borrow £50,001 or more.

Please note: CBILS revolving credit facility is not available to existing Capital on Tap customers.

Please note: At the moment, we're able to offer CBILS revolving credit facility only to limited companies.

Applications for CBILS are not open yet but we are hoping to start lending in the next couple of weeks. You can sign up for updates and we will notify you when applications are open. 

Once applications are open, you will need to fill out our online form and provide your business details including business name & address, turnover and contact details. 

Your application will be processed immediately and you should get a decision within a few minutes. If approved, funds will be in your bank account the very same day.

We may require additional documents with your application. These could include bank statements for the last 6 months and latest full accounts.

Capital on Tap can offer revolving credit facility from £50,001 up to £100,000.

Please note: As with any other commercial transaction, the borrower is always responsible for repayment of the full value of any facility supported by CBILS.

Please note: The guarantee is to the lender, and not the small business.

Any queries from a business with an active or historic EFG facility, including guarantee fee collection or alterations to their repayment profile should raise them with their lender, and not with the British Business Bank.

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 and the list of participating CBILS lenders can be found on the British Business Bank website at:

www.british-business-bank.co.uk/CBILS.

Want to find out more?

Contact our outstanding customer service team for help on 02089627401 or email us on

contact@capitalontap.com

 

For more information on support options available during the COVID-19 crisis, visit our support page below. 

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