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Jamie Spencer of MI Build Limited, whose main field of work is in the business-to-business sector, was provided with a £30,050 and a £30,100 loan to help with capital expenditure.
He took out the first loan in November while the most recent was through the European Investment Fund scheme which meant he benefitted from a lower interest rate of 2.25%.
As a result of the loans, Jamie has tripled his turnover.
Jamie said: “Getting a capital loan out of a big bank is difficult and I would have had to put up security which I wasn’t prepared to do.
“I had one overdraft but the size of my business overdraft was much too small.
“This loan with iwoca was my first business loan and it was vital for the growth of my business.”
Christoph Rieche, Chief Executive of iwoca, added: “We are committed to supporting business through providing flexible financing to accelerate growth.
“Helping underserved SMEs reach their full potential will help the economy to grow.”
Iwoca has funded 10,000 transactions since its launch in 2012.
It recently revealed that it is planning to lend to at least one million SMEs across Europe within a decade.
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