The alternative lender has now received authorization from the British Business Bank to provide loans under the Coronavirus Business Interruption Loan Scheme; iwoca will provide loans from £50,001 up to £250,000 to their existing customers but will eventually bring the offering to new customers; they are also offering CBILS backed overdrafts for small businesses in their current loan book; Christoph Rieche, CEO and co-founder of iwoca, stated, “Our accreditation is a step in the right direction, but there’s more that can be done. We’ll continue to work closely with the Government, the British Business Bank and other banks to make these schemes work for small businesses.” Rieche also commented on the government needing to level the playing field between banks and non-banks. Altfi
