We're accredited under the Recovery Loan Scheme
We're accredited under the Recovery Loan Scheme
The Government-backed RLS supports access to finance for UK businesses as they recover and grow following the pandemic. The scheme will allow businesses to access loans of up to £10 million to help them recover, and funds can be used for any legitimate business purpose, including managing cash flow, growth and investment. It’s designed to appeal to businesses that can afford to take out additional finance for these purposes.
Small businesses can apply for a Recovery Loan from iwoca here.
If you're an introducer and want to refer small business customers to us for a RLS loan, click below.
This accreditation forms part of a package of support iwoca has introduced to help small and medium sized businesses access finance during the pandemic. Since May 2020, iwoca has successfully lent nearly £400 million to SMEs across the UK via the CBILS, equating to around 10% of the total CBILS lending approvals market by the end of March 2021.
During the pandemic, iwoca also launched its signature invoice checkout service for SMEs - iwocaPay. This service allows businesses to make payments over a series of installments while providing the seller with the funds upfront, helping both to manage their cash flow. In a UK industry first, iwoca then integrated this system into the accounting platform Xero. This integration allows Xero subscribers to automatically offer iwocaPay as a payment option for invoices issued via Xero’s invoice creation tool.
Christoph Rieche, co-founder and CEO of iwoca, said: “We’re proud that we could support small businesses through the toughest of times. With CBILS alone, we lent nearly £400 million to 1,500 business owners across the country representing 10% of the market share of approvals.
“As the recovery starts to get into full swing, businesses will now need more funding to take full advantage of the opportunities ahead.”
iwoca is reaching 1.8 million businesses across the UK and Germany through its embedded lending technology, which allows businesses to access loans through a range of platforms such as accountancy software and digital neo-banks. iwoca has also recently partnered with Mental Health UK on research to identify the needs of small business owners and will soon launch a tailored mental health support package.
The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA.
iwoca is unlocking economic growth by expanding the financial possibilities available to small business owners. Since launching in 2012, we have made funding available to 50,000 businesses and have raised over £500 million in equity and debt finance. For more information go to www.iwoca.co.uk, like our Facebook page and follow us on Twitter@iwoca and Instagram @iwoca.
- Borrow up to £500,000
- Repay early with no fees
- From 1 day to 24 months
- Applying won't affect your credit score
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