Hundreds of Small Business Owners Seek Loans Of Up To £200,000 During Christmas Holidays In The UK | Credit Raters post

Hundreds of Small Business Owners Seek Loans Of Up To £200,000 During Christmas Holidays In The UK

07 Jan 2020
Approx Reading time: 2 minutes
  • Iwoca, a European lender operating in the UK, received over 1,200 loan applications from small business owners during the Christmas holidays.
  • Loans given out by the company are valued up to £200,000
  • The number of applications received by Iwoca during the Christmas holidays is up by 5% compared to the same time period a year prior.
Over 1,200 owners of small businesses in the UK are estimated to have approached Iwoca, a European business lender, for loans during the recent holidays spanning across Christmas. Around 300 business owners are estimated to have approached during the Christmas holidays to avail a loan, according to reported figures by Iwoca. The lender received applications throughout the holidays, including 135 on New Year’s Day as well. Iwoca is a lender for small businesses operating in the UK, Germany, and also Poland, requiring loans £200,000 and below. According to Iwoca’s COO Seema Desai, the lender often receives applications during off-business hours as businesses are looking for greater flexibility when it comes to their finances to develop swift marketing strategies or to gain an advantage in supplier negotiations. Last year, 55% of all applications were received during off-hours 33% of which were made during the weekends. In 2017 as well as 2018, this proportion remained at 48%, with weekend applications amounting to only 16% of the total applicant pool. The data presented by the lender also showed that the number of applications received by it during these holidays is up by around 5% compared to figures from last year. Iwoca is currently a fast-growing SME lender operating in Europe. The lender was recently awarded £10 million through the BCR fund. Atom Bank, Modulr, and also Currencycloud were also awarded the same amount in funding to expand their operations as well. The management team at Iwoca is confident these funds would enable the lender to expand its customer base to around 150,000 as well as extend its lending facility to £5 billion per loan.
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Akbar Lashari

Akbar is a talented news editor who follows the consumer finance industry closely and has written for many famous news & educational websites such as Forbes.