The government has been encouraging the banks to make finance available for small businesses, but eBay contend that one in three small businesses have been unable to access finance since the recession began.
That’s all about to change for eBay sellers in the UK. iWoCa (Instant Working Captial) are about to set up in the UK and their pre-launch website went live this weekend.
iWoCa say that they recognise that you’ve built a successful eBay business, and even if traditional banks won’t make finance available to you iWoCa will take your trading history into account when making a loan.
Banks simply don’t have the systems in place that recognise the value of what you do, leaving the relationship manager at your local branch helpless and without any appropriate products to offer you. However iWoCa will consider your online presence and customer feedback when evaluating your credit risk and if they see a successful business then they’ll take that into account instead of just looking at your credit score.
iWoCa say that, come January when they fully launch, they’ll provide cash to online sellers, with applications approved and funds available within minutes. There are no surprise fees and that they will give you the customer service you deserve.
If you’d like to find out more then visit the iWoCa website and complete their survey. Submitting your email will ensure you’ll be informed as soon as they’re fully launched and ready to help with finance to grow your online business.
5 Responses
Banks simply don’t have the systems in place that recognise the value of what you do’
And that is patently so not true?
But I guess that another possible source of viable funding would always be welcome.
So is this just for the UK? In the US we have something called Kabbage.
No mention of the most important factor in borrowing money – The Interest Rates. Are they going to be comparable with High Street Banks or with such as Wonga? If the rates are comparable with the High Street Banks then surely they will be welcome. If comparable with Wonga then they should be shunned.
Apart from the obvious, (at what interest rate) I wonder if the International Workshop on Combinatorial Algorithms (IWOCA) will complain about their business/website mane ?
Intresting thanks for sharing , will give them a try today.