In response to coronavirus, the government has announced two lending schemes to support businesses.
The Coronavirus Business Interruption Loan Scheme (CBILS) is the original scheme to support businesses. This scheme provides a government backed guarantee when a loan or overdraft application doesn’t meet a lender’s usual requirements. Starling has been confirmed as an accredited lender under the CBILS scheme.
Update 8 May 2020: The CBILS lending scheme is now open to further education institutions and registered charities.
Complete the form below to apply for a CBILS loan or overdraft.
Loans with the CBILS
The CBILS will provide access to loan finance from £50,001 up to £250,000.
We are only accepting CBILS loan applications for limited companies and LLPs.
Loans above £50,000 are priced according to your circumstances. You may be eligible under the scheme to apply for a Business Interruption Payment which will enable you to claim back the Arrangement Fee and the first year of interest charges.
Overdrafts with the CBILS
CBILS overdrafts with Starling will provide access to overdraft finance from £50,001 up to £150,000 for limited companies and Limited Liability Partnerships.
Our overdraft interest rates
Limited companies and limited liability partnerships: 10% and 15% EAR (variable) based on our assessment of your business - representative 10% EAR (variable). At setup, we charge a fee of 1.5% (minimum £50) of your agreed limit, which is charged annually.
You may be eligible under the scheme to apply for a Business Interruption Payment which will enable you to claim back the Arrangement Fee and the first year of interest charges.
Interest is accrued daily and charged on the 15th of the following month and it’ll always be updated clearly in your app.
An EAR (Equivalent Annual Rate) is a common way of showing interest rates on overdrafts which you can use to compare different banks’ interest rates. This does not include fees (such as set-up or annual renewal fees). The Representative EAR is the rate we expect at least 51% of our customers to get.
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). British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). 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.
Other options
The business Bounce Back Loan Scheme provides access to loans from £2,000 to £50,000. Information on eligibility criteria and to join our BBLS list.