Iwoca looks to increase CBILS lending to GBP 200 mln

Friday 13 November 2020 14:22 CET | News

UK-based fintech and participant in the Coronavirus Business Interruption Loan Scheme (CBILS) Iwoca has declared intentions to double the amount it lends through the government-backed loans.

The proposed sum can reach GBP 200 million before applications close in January 2021.In May 2020, the alternative lender received accreditation from the British Business Bank to provide SMEs with CBILS loans. Iwoca declared it had recently passed the GBP 100 million mark of lending through CBILS, according to AltFi. 

The company is also increasing the maximum loan value available to businesses through CBILS from between GBP 500,000 to GBP 750,000. It began offering loans from GBP 50,001 up to GBP 250,000 when first accredited. Iwoca crticised the scheme in its early days, complaining that fintech did not have financing form the Bank of England.

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Keywords: iwoca, UK, CBILS, lending, fintech, coronavirus, Bank of England, British Business Bank, SME
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech