iwoca gets access to €60m of EU money to lend to SMEs
The European Investment Fund (EIF) and iwoca have signed an agreement in the UK to help a greater number of SMEs gain access to finance.
The guarantee scheme will allow iwoca to lend GBP 40m (EUR 60m) to over 3,000 small businesses in the UK. The loans will be provided as a result of a guarantee from the EIF under the COSME programme with financial backing from the European Commission.
EU Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, Elżbieta Bieńkowska, said: “Thanks to EU funding, more than 3,000 SMEs in the UK will be able to access GBP 40m in funding through new loans. I am very pleased to see that the Investment Plan for Europe is becoming a reality on the ground, creating new jobs and benefiting small businesses”.
Michael Elalouf, CFO at iwoca, said: “This agreement between iwoca and the EIF is a boon for the millions of SMEs who critically need access to finance. These businesses are the lifeblood of our economy and have been underserved by traditional finance providers. We believe this partnership represents a genuine endorsement of iwoca’s strategy and innovative technology platform. We look forward to expanding our relationship in the future to further meet the needs of SMEs across Europe.”