iwoca SME Expert Index Q1 2023

iwoca SME Expert Index Q1 2023 - full dataset

This data is based on insight from UK brokers who collectively submitted over 2,500 applications for unsecured finance on behalf of their SME clients in March 2023.

Showing data from Q1 2022 onwards. See archive for earlier results.

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*From Q1 21 until Q1 23, we had these four options instead of "Cost of finance": "Monthly repayment amount", "Total cost of borrowing", "APR", "Monthly interest rate". In Q1 23 we removed these options and added "cost of finance". We've added up the four old options to provide historical data for the new "cost of finance" category, as all four of the options were related to cost.

For more information on iwoca's SME Expert Index, please contact press@iwoca.co.uk.

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Words by

Charlotte Emms

Charlotte was a UK PR Manager at iwoca. She's been sharing news and insights about the finance industry for over four years.

Article updated on:

May 11, 2023

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New research from iwoca reveals the overwhelming majority of UK SMEs are leveraging social media, as 97% say they use platforms to boost their business. The survey of SME owners, conducted by iwoca - one of Europe’s large SME lenders - shows Meta channels dominate the top four. Facebook leads as the top SME platform with 69% of SMEs on the network, while Instagram ranks second with 67%, and WhatsApp ranks fourth with 58% of firms using the channel.

Medium-sized firms grew jobs at twice the rate of large businesses in last decade

The UK’s medium-sized businesses drove job growth in the last ten years compared to their small and large counterparts, according to new analysis. The research from iwoca - one of Europe’s largest SME lenders - finds that businesses of 50 to 249 people expanded their headcount at double the rate of their small and large counterparts between 2014 and 2024. As of last year, medium-sized businesses employ 3.7 million UK workers, a 20% increase on 2014.

Over 300,000 SMEs may cut jobs to cope with hike in employer National Insurance

New analysis reveals over 300,000 SME owners may cut jobs in response to the Government’s planned rise in employer National Insurance contributions (NICs), due to come into effect in April.

iwoca SME Expert Index Q1 2023 - full dataset