By Oliver Smith on Monday 6 January 2020
With small businesses hungry for capital, even Christmas is no longer sacred.
Between Christmas Eve and Boxing Day nearly 300 small businesses applied for loans via Iwoca, proving that work never stops for many business owners and entrepreneurs.
Across the period from Christmas Eve to New Year’s Day that figure rises to over 1,200 loan applications, a figure that Iwoca says is up 5 per cent year-on-year.
The figures also shine a light on how SMEs are increasingly using digital sources of financing which are available out-of-hours, while most traditional banks were closed across the Christmas period.
“We’re helping business owners to get access to finance at all times, so that we can help relieve some of the daily strain. And when they need finance, we can deliver it fast.”
Given Iwoca’s fastest loan approval is under four minutes, the lender certainly achieved that over the Christmas period.
Iwoca’s figures also add weight to the narrative that underserved businesses are increasingly going elsewhere for their borrowing needs.
Traditional lenders seem acutely aware of this, with banks launching digital spin off lending arms, like what NatWest has done with Esme Loans, the digital lender that has now lent over £100m to SMEs.