"New research from Capital Economics, commissioned by SME lender iwoca, finds that SMEs receiving a loan can increase their monthly revenues by an average of 19%. For the first time, the analysis, based on data from current accounts of thousands of iwoca customers, finds that taking a loan is associated with an increase in revenues of nearly a fifth (19%) within a year, compared to if no financial support had been accessed."
"Since launching in 2012, iwoca has lent over £4.5 billion to 100,000 UK businesses, providing crucial support to sectors that power the economy. The report finds that iwoca's lending supported £2.8 billion in economic value (GVA) and almost 50,000 jobs across the UK in the past year alone. In the past year, 75% of iwoca's loans went to companies located outside of London."
SMEs that receive loans from iwoca increase their monthly revenues by an average of 19% within a year compared to not accessing financial support. The SME lending market has shifted over the past decade, with challenger and specialist lenders now accounting for a larger share than the UK's five largest banks. iwoca's market share has more than tripled recently. iwoca has committed £1.5bn in further funding for UK SMEs by the end of 2026, including £300m for construction firms to help deliver 1.5 million new homes by 2029. Since 2012 iwoca has lent over £4.5 billion to 100,000 UK businesses. iwoca's lending supported £2.8 billion in GVA and almost 50,000 jobs in the past year. Seventy-five percent of loans went to companies outside London. Every £100 lent by iwoca creates £210 of value in the UK economy.
Read at London Business News | Londonlovesbusiness.com
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