UK business lender iwoca has partnered with Teya to offer its Flexi-Loan product to small businesses. Users can apply for loans ranging from £1,000 to £1m through Teya’s digital platform. The application process is paperless, and early repayments are free. The collaboration aims to meet the increasing demand for financial services by SMEs.

Teya’s product director sees the partnership as a way to provide essential financial tools for small businesses without added complexity. iwoca’s chief commercial officer emphasizes the importance of quick and easy access to finance for business growth. The alliance aims to reach more business owners and ensure capital availability when needed.

Recent research by iwoca highlighted a preference among finance brokers for non-traditional lenders due to faster loan approval processes. 73% of brokers cited the need for quicker decision-making as a key factor. The collaboration between iwoca and Teya aims to improve loan accessibility for UK SMEs by leveraging digital platforms.

Read more at Yahoo Finance: iwoca and Teya team up to enhance loan accessibility for UK SMEs