Ezbob has reported growth in its lending business.
The online short term commercial lender, which requires no security other than a personal guarantee, said June’s lending was approximately £2.5 million, while its had over 220 new business clients during the month.
Sharone Perlstein, director of ezbob, said: “Commercial finance brokers do a great job for the UK economy. But particularly over the past few years, they have had to work very hard to find finance for clients when traditional lenders have been reluctant to lend and where the process has become cumbersome and time consuming. However, we are finding that our facility is finding favour with a wider range of brokers, who have been attracted to the simplicity of the process and the speed with which we are able to turn around an answer and fund.
“With our approach, unnecessary paperwork is eliminated through an online application that takes 10 minutes to complete. All it then requires are clients’ VAT payment confirmations and bank statements uploaded online and a lending decision is made. Therefore every broker can now provide access for business clients to short term finance for any purpose in most cases on the same day as application.
“Having the backing of the government’s Business Bank as a shareholder through the Angel Co-Fund and being backed by the EU as the first internet lender to have a loan guarantee scheme, ezbob has the credentials to back up its innovative and increasingly popular service.”