UK: iwoca to provide loan funding to Northern SMEs

Alternative finance provider iwoca has promised to provide £100m worth of loans to SMEs based in the North of England by 2020. The move has been driven by iwoca’s desire to offer additional support to SMEs, with CEO of iwoca Christoph Rieche highlighting the importance of SMEs when calling micro businesses the “…powerhouse of the UK’s economy”.

Data from RFi Group demonstrates that there is intent among Northern-based Micro-SMEs (businesses with up to £10m in annual revenue and employ 0-10 people) to take out borrowing products such as business loans.

When looking across the UK, the North of England has the greatest proportion that is looking to take out a borrowing product in the next 12 months, with 1 in 5 having this intent. This high demand among Northern-based Micro-SMEs indicates that iwoca’s funding support will be warmly received.

Following iwoca’s launch in 2012, the lender has provided a total of £350m in funding to 15,000 businesses across Europe and supported 45,000 funding transactions between iwoca and businesses.

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