Online small business lender iwoca has raised £100mn to help deliver loans through the CBILS program; the capital came from an undisclosed investor; under CBILS, SMBs can apply for loans between £50,000 and £5mn, although iwoca only offers loans up to £300,000; iwoca has seen applications grow each week, with a new business applying for a loan every three minutes in June and July; the company has also called on banks to parter with them in order to ease the growing backlog of applications; Christoph Rieche, CEO of iwoca said to AltFi: “We want to give small businesses the best chance of finding the support they so clearly need, which means the banks must work with us. It’s not acceptable that thousands of the businesses applying for CBILS are left hanging for weeks or even months without getting a decision from their bank. As an industry we have a joint responsibility in supporting this effort so that SMEs can access finance fast to survive and thrive.” AltFi.
