iwoca boosts CBILS loan offering with enhancements in accountancy channel

Source: IBS Intelligence 2020-07-21

iwoca announced today that it has invested in its accountancy channel and has designed its CBILS application process to cater to the number of accountants using its services. The company stated that the significance of the role of accountants in helping SMBs apply for finance has increased due to the pandemic. Accountants are needed to provide cash flow forecasts, financial statements, and assistance, ensuring small businesses have the correct documentation to complete the CBILS application process.

Colin Goldstein, Commercial Growth Director, iwoca, said, “The impact of Covid-19 means that small businesses need more financial support than ever to survive the crisis and rebuild their business. CBILS loans are a key part of the solution, and accountants are a key adviser and line of support for businesses applying for CBILS. iwoca has worked with more than 1,000 accountants nationwide to help them secure the right finance solutions for their clients, and we’re now investing heavily to provide the support accountants need in securing CBILS loans for clients, in particular, small businesses who are struggling to get the support they need from the high street banks.”

The company aims to address the concerns relating to the CBILS applications with larger lenders, including delays in response times, getting stuck in call centre queues, and banks not understanding the needs of businesses. iwoca aims to triple the number of accountants referrals and increase the delivery of lending by ten times. iwoca has provided each company with a dedicated Relationship Manager who gives regular updates to accountants and can give a decision on the application within days.

Recently, iwoca launched iwocaPay, a tool to help businesses work through the pandemic, reduce the risk in payment terms, and encourage SMBs to offer trade credit.

Della Hudson, Founder, Minerva Accountants, added, “Automation is perfectly adequate when everything is going smoothly, but if there is a problem, you need to be able to pick up the phone and speak to somebody. This is where a lot of banks are struggling – they are barely coping with the automation in place, and haven’t even thought about the backstop of a human being. It’s nicer dealing with fintechs and the more modern banks who are able to handle both the automation and the customer relations that really makes a difference.”

iwoca

iwoca boosts CBILS loan offering with enhancements in accountancy channel

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