Over 50% of small business owners say they find it difficult to secure financing.
No wonder – last week, UK Finance released data showing the high street banks approve fewer and fewer overdrafts. In fact, since 2011, the number of approved business overdrafts has declined by nearly 30%, despite consistent growth in the number of active small businesses.
Meanwhile in Q1 of this year, iwoca approved nearly 3,700 small businesses for its credit line, equivalent to 9% of the total number of small business overdrafts approved by all the banks combined.
We are working hard to close this funding gap and help small businesses access the working capital they need.
Christoph Rieche, our CEO says, “In the last year alone, iwoca has more than doubled the value of its loans to smaller businesses, reached twice as many customers and pledged £100 million to help squeezed small business owners in the Northern Powerhouse.”