Ezbob becomes first commercial internet microfinance lender with EU backing
By Bridging Loan Directory -
Ezbob, the commercial lender, whose web based technology is revolutionising the underwriting of loans to businesses, has signed an agreement with the European Investment Fund (EIF), which will help Ezbob provide enhanced access to finance for SME’s in the UK.
Ezbob becomes the first internet lender to be chosen by the EIF and the guarantee agreement will allow Ezbob to increase its lending in the UK. Ezbob is also backed by the UK government’s Angel Co-Fund, which is a shareholder in the company. Ezbob has provided over £15m in over two thousand loans in 2013.
Having launched a successful trial through commercial packager, Liquidity Central, offering unsecured short term finance up to £50,000 to business owners, Ezbob founders Sharone Perlstein and Tomer Guriel are delighted to have signed the contract under the EIF’s Progress Microfinance agreement.
Tomer Guriel said:
“The new partnership is a first for an internet lender like ourselves and thanks to this agreement, as well as support from day one from the UK government’s Angel Co Fund and significant new investment from investors, we are looking to extend between £250m – £500m in credit to UK SME’s over the next few years.”
Sharone Perlstein commented:
“ We are aiming to work with the intermediary community in the UK, to provide the bulk of our enquiries from business. Our revolutionary system to process applications is set to change the way in which commercial loans are handled and most importantly the time in which it takes to deliver funding to SME’s. We can agree to a facility of up to £50000 and have cleared funds in a client’s account within 24 hours of application.”