The guarantee scheme will allow iwoca to lend to small businesses, backed financially by the European Commission. A small business can apply for funding under the programme at www.iwoca.co.uk, where the risk-platform automatically analyses thousands of data points for each application, meaning local businesses can be approved for up to £100,000 within a few hours.
“This is a fantastic boon for those Small and Medium Enterprises (SMEs) and entrepreneurs who need rapid access to finance to grow their business.
"At a time when credit can be hard to come by and cash flow remains the single biggest problem facing business, this scheme might not be for everyone but it has its place, and businesses in the constituency should certainly be aware of it."
“There is no doubting that small businesses can find it very difficult to get suitable funding. This is great news for those with the entrepreneurial spirit in Midlothian North and Musselburgh.
“I warmly welcome this scheme – and of course I wish the best of success to those businesses who apply!”