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UK-based iwoca secures CBILS accreditation

Wednesday 20 May 2020 12:45 CET | News

UK-based alternative lender iwoca has received accreditation from the British Business Bank to provide Coronavirus Business Interruption Loan Scheme (CBILS) loans.

The lender can now provide SMEs with loans from GDP 50,001 up to GDP 250,000 for existing customers with a view to bring on new customers eventually. Furthermore, Iwoca is offering CBILS-backed overdrafts for SMEs already on its loan book.

Supposedly, iwoca was one of the first to apply to become accredited once the CBILS was first announced back in March 2020 but it took the lender over two months to gain accreditation. The lender didn’t want to announce it had obtained the certification until it was ready to lend, according to altfi.com.

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Keywords: iwoca, alternative lender, British Business Bank, CBILS loans, SME, accreditation
Categories: Banking & Fintech | Payments General
Countries: United Kingdom
This article is part of category

Banking & Fintech