We’ve secured funding via the government’s Future Fund scheme

We’ll use this investment to help more small businesses rebuild and adjust to the new normal.

27 August 2020

Since launching in 2012, we’ve lent over £1 billion and made funding available to 50,000 small businesses. iwoca recently entered into a debt funding platform which will allow us to access up to £100m of funds to support new customers through our Coronavirus Business Interruption Lending Scheme (CBILS) offering.

We’ve now also secured funding through the government’s Future Fund scheme, and we’ll use both investments to continue supporting small businesses with the finance they need to recover.

What is the Future Fund scheme?

The Future Fund is designed to support innovative, high growth firms that typically rely on equity investment, offering to match third party investments of up to £5m by subscribing for convertible loans issued by such firms.

The investment will help us drive recovery for small businesses

The Future Fund investment will help us to continue our support for the UK SME community, and scale-up the provision of finance to small businesses, helping the economy get back on track.

“This investment enables us to focus on helping more small businesses rebuild and adjust to the new normal,” says Michael Elalouf, CFO of iwoca. “Access to finance is now even more important to ensure both small businesses and the economy recover quickly.”

“We will scale across our product offering to drive this recovery: our CBILS offering will support small companies affected by the crisis and our Flexi-Loan will help growing businesses manage their cash flow. Additionally, iwocaPay will give small businesses more control over payment terms - an important reassurance at a time when many are experiencing a great degree of uncertainty. We don’t just want businesses to survive this pandemic but grow and build sustainable businesses for many years to come.”

“It’s effectively a lifeline to help us get through the coronavirus crisis”

David Dick is the Director of B&H Commercials - now funded by iwoca. He is one of the small business owners who we’ve helped steer onto a road to recovery so far.

“This is massive for us,” says David. “It’s effectively a lifeline to help us get through the coronavirus crisis – we’re delighted. If I contrast the quality of service I’ve had with iwoca to the experience that I’ve had with my high street bank, it’s chalk and cheese."

“I submitted exactly the same application as I had with my bank, and boom, here we are. Less than two weeks later and it’s been funded. Not only is iwoca quick and flexible, but they’re also very good at understanding the nature of a business. The ability to provide that quality of customer service is huge and will help us get through this difficult time.”

Small businesses can apply for our CBILs offering or our Flexi-Loan

We were accredited for CBILS on 20th May 2020, and have been lending since June. The Future Fund investment will help us scale this even further so that more businesses can benefit from attractive government initiatives.

If you run a small business and are looking for finance, consider applying for a loan with us through the Coronavirus Business Interruption Loan Scheme or our Flexi-Loan.

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Charlotte is a Senior PR & Communications specialist at iwoca. She's been sharing news and insights about the finance industry for over three years.

Article updated on: 27 August 2020

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