Latest SME lender joins the market for small loans » SMEInsider

Latest SME lender joins the market for small loans

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A new entrant to the SME finance space was announced today. Wirefund, ‘a provider of quick and simple business loans’ launches today with the aim of shaing up the SME finance landscape by providing loans of between £1,000 and £25,000

Wirefund’s USP, according to the company, is that its loans are not secured against a director’s personal assets. “With no personal guarantee required, aspiring entrepreneurs need not risk their homes to build a business,” the company says. “As well as this, Wirefund looks at the bigger picture and considers each business owner personally, so applicants are not evaluated solely by an algorithm.

The other differentiator is a flat fee of 19% – repaid in daily instalments “to alleviate the stresses associated with huge end of month bills and no fee is applied to early repayment.”

 

‘We want to empower SMEs to achieve their ambitions’

Amit Sankey, Wirefund founder and CEO, says: “Small business is the growth engine of the British economy and finance is the fuel. We want to empower SMEs to achieve their ambitions – without the confusing jargon, endless forms and weeks of waiting typically involved in securing a loan.

“Almost half of all small businesses have to close their doors within their first four years of operating, with almost 90% failing because of cash flow issues. This is a shocking reality that we have set-up to put a stop to. By providing quick, simple and understandable loans, we will support the millions of overlooked small businesses that are central to Britain’s economic success, especially during this current period of uncertainty.”

Wirefund’s launch comes in the wake of efforts by government and the British Business Bank to increase access to finance for small businesses.