iwoca offer £50k loans & win Wired award
Small business finance is fast growing to the same levels of borrowing that you might expect from a high street bank loan. £20,000 loans have become widely available from a number of providers but today iwoca announced that they’ve started to extend loans of up to £50,000.
Access to fifty thousand pounds (with finance assessed based on your online business potential, not solely your personal credit history) and with a flexible repayment period between just one day and six months, is a first for online retailers, although naturally it’s expected that only the larger online retailers will require financing at that level.
Christoph Rieche, CEO & Co-founder at iwoca, told us “There are over 300,000 online retailers in the UK of all different sizes. We recognised that some of our larger customers haved very specific requirements that our previous maximum loan value could not service“. He added “Despite being the first to offer £50,000 loans to online retailers, our measured approach ensures we remain a responsible lender. We really take time to understand our customers’ businesses, assessing the risk of lending based on much more than just credit history alone. Past and current sales performance and customer feedback all go into the calculation”.
Winner of Wired Money’s Startup Pitch Stage
There’s more good news for iwoca, yesterday they won Wired Money’s Startup Pitch Stage.
startups got nine minutes each to introduce themselves, their business idea and explain how they are trying to shake up the existing infrastructures. Pitching their business “Dragons’ Den-style” to attendees, alongside over 20 competing startups, iwoca won the attention and votes of delegates.
Online seller Meetup Group Dater
As well as meeting the guys from iwoca there will be speakers from the industry. It’s also a chance for regulars and newbies to have a beer with fellow sellers, share experiences and get an update on the latest industry trends. As always, drinks and nibbles are on iwoca!