Business Finance: Quick, Easy Loans

Money Posted 16/03/21
Finance is a crucial part of any business. With SMEs having to adapt their business to a changing world, Funding Circle’s strategy and commercial director Alexander Allen, pictured, explains why choosing the right funding options can help small business owners to win

It’s hardly surprising that over the last 12 months we’ve seen a higher proportion of SMEs choosing to access finance online. At Funding Circle, we saw online searches related to business finance terms double during the first stages of the pandemic. As business owners continue researching fast and affordable finance options, they should consider the government’s Coronavirus Business Interruption Loan Scheme (CBILS) as its features are uniquely tailored to SMEs.

While CBILS is due to end on 31 March, many businesses are yet to take advantage of the scheme. We have spoken to thousands of businesses during the Covid-19 crisis and many told us they chose a CBILS loan because it was the most cost-effective solution for their needs. The government paying the first 12 months of interest (where interest is typically highest) and an upfront fee on the small business owner’s behalf can save businesses significant amounts in comparison to a non-CBILS business loan.

As the UK’s largest small business loan platform, Funding Circle has already helped thousands of businesses access CBILS loans between £50,001 to £500,000. Whether to boost cash flow, manage Covid-19 uncertainty or to adapt for future success, taking out a CBILS loan can offer your business much-needed flexibility. All our CBILS loans come with nothing to pay for 12 months, giving you breathing space. With no fees to settle early, there are no costs if you change your mind in the first year.

A frequent concern we hear from SMEs is around waiting times for CBILS loan approvals, with many small business owners presuming these will be prohibitively long. That is not the case. At Funding Circle, you can get a decision in as little as five hours.

It has been heartening to see how small businesses have adapted and navigated through this pandemic. We’ve seen a uniform designer pivot to produce reusable face masks and retail stores transition to entirely online. Access to financial support has been a key part of making many of these successes happen. Funding Circle is here to help small businesses not just survive, but to go on to thrive and power the economic recovery.

Key benefits of a Funding Circle CBILS loan are:

  • Borrow between £50,001 and £500,000
  • Nothing to pay for 12 months
  • Rates between 1.8% to 7.4% APR
  • Government covers the first 12 months of interest payments
  • Government covers the upfront fee
  • No early settlement fees
  • Decisions in as little as five hours

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