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Iwoca aims to double CBILS lending to £200m in three months

Iwoca said it will increase the amount it offers through CBILS scheme from between £500,000 to £750,000.

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Michael Elalouf/ Iwoca

Iwoca, the fintech and participant in the Coronavirus Business Interruption Loan Scheme (CBILS), says it aims to double the amount it lends through the government-backed loans to £200m before applications close in January.

In May, the alternative lender received accreditation from the British Business Bank to provide SMEs with CBILS loans.

Iwoca said it had recently passed the £100m mark of lending through CBILS.

It now hopes to double the amount before applications close on January 31 next year.

Iwoca said it’s also increasing the maximum loan value available to businesses through CBILS from between £500,000 to £750,000. It began offering loans from £50,001 up to £250,000 when first accredited.

Michael Elalouf, CFO, iwoca, said: “Small business owners have had an incredibly tough year, and we’re grateful that we’ve been able to play our part in helping them to get through this crisis.”

“With the recent CBILS extension, our focus is now on reaching as many business owners as possible who think they could benefit from Government-backed finance. iwoca stands ready to help those customers who are struggling to get the support they need from the high street banks during this time.”

Iwoca CEO Christope Rieche crticised the scheme in its early days, complaining that fintech did not have financing form the Bank of England.

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