Data from loan firm Iwoca has shown that 1,200 small business owners applied to Iwoca for finance between Christmas Eve and New Year’s Day.
The data from the 2019 Christmas week shows that many SME owners were focused on big decisions about their businesses. More than 1,200 applications were made to Iwoca between Christmas Eve and New Year’s Eve, with 300 on Christmas Eve, Christmas Day and Boxing Day – plus a further 135 on New Year’s Day.
Seema Desai, Iwoca’s COO said “Whether it’s over Christmas or even on New Year’s Day, Iwoca is there for small business owners whenever they need us. We’re helping business owners to get access to finance at all times so that we can help relieve some of the daily strain. And when they need finance, we can deliver it fast. Our personal best loan time – from starting an application to money in the bank – is under four minutes, and banks simply can’t match our level of speed and convenience.”
Iwoca says that the ‘out-of-hours’ approach to business life matched some other trends from the whole year. The company found that 55% of its customers applied for finance outside of typical high street banking hours. Of that number, almost a third (32%) did so at the weekend.
The figures also suggest that the demand for serving small business owners outside of traditional banking hours is growing. Looking at all Iwoca applications throughout 2017 and 2018 reveals that just under half (48%) of customers signed up outside of banking hours, with just 16% doing so at the weekends.