With both the cost of doing business and inflation rising inordinately, about 77% of small business owners in the United Kingdom are worried as they foresee the possibility of an economic recession. A survey conducted by iwoca, a lender accredited by the British Business Bank, found that demand for finance among SMEs has increased significantly as they are now seeking larger loans due to the mounting economic uncertainty and turbulent forecast. The survey also noted that £200,000+ loans are the most sought-after among small businesses. In response, iwoca has more than doubled the landing cap of their core product, Flexi-Loan, by offering up to £500,000.
