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The Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) agreement will allow iwoca to lend £40m to over 3,000 SMEs.
Michael Elalouf, CFO at iwoca, said: "This agreement between iwoca and the EIF is a boon for the millions of SMEs who critically need access to finance.
“These businesses are the lifeblood of our economy and have been underserved by traditional finance providers.
“We believe this partnership represents a genuine endorsement of iwoca’s strategy and innovative technology platform.
“We look forward to expanding our relationship in the future to further meet the needs of SMEs across Europe.”
Businesses can apply for financing under the programme here.
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