Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.
iwoca has announced its intent to lend a total of £200m to small businesses under the Coronavirus Business Interruption Loans Scheme (CBILS) before it ends in January 2021. The lender that describes itself as one of Europe’s largest lenders to small businesses has already lent £100m under the scheme and is now set to double this in the next few months.
Small businesses that have had their trading disrupted due to the Coronavirus pandemic and that need a business loan of between £50,000 and £5m can apply to lenders for a CBILS loan. We have reported previously about the difficulties some businesses had in finding lenders to accept their CBILS applications. Many lenders focused initially on servicing their existing clients, however in July iwoca opened-up their CBILS loans up to new customers as well. This month, iwoca has had 83% of CBILS approved applications from new customers and the lender now accounts for 5.6% of all approvals under the scheme. The national average approval rate has been around 50% since the scheme launched in the Spring.
To be eligible for a CBILS loan, businesses need to have been a viable business trading for at least three years prior to the pandemic and have a turnover of at least £100,000 with a salary bill of more than £12,500. Find out more about how CBILS works.
Businesses that don’t need a lump sum can use invoice finance to boost their cashflow. During times of recession businesses can find that it takes longer for their invoices to be paid, crippling their cashflow. Invoice finance allows businesses to be paid immediately on the issuance of invoices, Iwoca offer invoice finance called IwocaPay this pays businesses an agreed value for their invoices and still lets its customers receive their usual credit terms. It also pays 100% of the invoice value and has removed fees for this service. The lender has reported an 85% spike in those businesses using this service.
CBILS now has more than 100 accredited lenders and those offering invoice finance include Ultimate Finance, Aldermore, Close Brothers, HSBC UK and Investec.
Compare invoice finance providers and find out more about how invoice finance works.
Those wanting a CBILS loan from Iowca can apply for sums between £50,000 up to £750,000 and contact the lender directly or speak to a specialist business loans broker.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.
I accept. Read our Cookie Policy