Lender to expand loan service to additional 3.6m businesses
London-based lender Wirefund will soon be providing financial support for an additional 3.6 million British businesses.
The company has expanded its service after receiving approval from the Financial Conduct Authority (FCA).
The service is available to limited companies that have been registered in the UK for 12 months, and will now be expanded to sole traders and partnership businesses.
Wirefund is aiming to provide SMEs with access to lending without having to secure loans against personal assets.
Instead, the company carries out personal evaluations based on business bank statements from the last 12 months.
Wirefund Founder and Chief Executive Officer Amit Sankey said: “Small business is the growth engine of the British economy and finance is the fuel.
“We have lent out almost 800k since our launch three and a half months ago, much more than expected. There is a real demand for our offering, and we are excited that we can support even more British businesses through our approval.”