Wirefund will provide loans to help protect and grow small- and medium-sized businesses by keeping their cash flowing.
The lender’s loans will be unlike other providers and will not be secured against a director’s personal assets. Also, no personal guarantees will be required, meaning aspiring entrepreneurs will not have to risk their homes to build a business.
Wirefund is also aiming to simplify online applications, with the seven steps required to complete the process expected to take just a matter of minutes.
Amit Sankey, founder and CEO of Wirefund, said SMEs were the growth engine of the UK economy and he wanted to empower them to achieve their ambitions.
“Almost half of all small businesses have to close their doors within their first four years of operating, with almost 90% failing because of cash flow issues.
“This is a shocking reality that we have set-up to put a stop to.
“By providing quick, simple and understandable loans, we will support the millions of overlooked small businesses that are central to Britain’s economic success, especially during this current period of uncertainty.”
Wirefund will provide loans from £1,000 to £25,000 and will not dictate to borrowers how they should spend the funds.
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