Digital lending platform Esme Loans, has today announced that it will now offer its loans to UK businesses operating as sole traders. Under its extended proposition, sole traders will be able to obtain loans from £25,500 - £150,000, for up to five years.
Sole traders can typically face barriers when trying to secure suitable funding from banks, because of the risks associated with being a ‘solopreneur’. Veronika Lovett, chief marketing officer, says: “Year-on-year, sole traders continue to be one of the fastest growing types of businesses, but many can struggle to raise the funds they need. Currently, around 60%* of all UK SMEs are sole traders, and we think they should be treated like any other business when it comes to borrowing, and are pleased to now be able to offer sole traders loans through our simple, fast and stress-free solution.”
Esme Loans offers quick and hassle free unsecured loans to SMEs around the UK through its quick and innovative digital platform. Since its inception in February 2017, Esme’s competitive rates, combined with its ease of use, have seen the company help hundreds of SMEs to successfully manage and grow their unique businesses, approving over £65m worth of funding in the process.
This change to the proposition marks the latest signal of intent from Esme as it seeks to accelerate its growth throughout 2019. In February the lender announced it had enlisted US tech giant Microsoft to build a data warehouse and AI assisted chat bot, and at the start of the year, NatWest and Royal Bank of Scotland announced it was to offer Esme Loans directly to their SME customers.
The lender was established by founders Richard Kerton, Veronika Lovett and Lucy Hasson through a desire to offer a product within the business loans category that is both simple and fair, in the belief that a hard-working business shouldn’t have to work hard for a business loan.
Positioned in the market between high street lenders and P2P platforms, Esme saw a need for a product that was quick, easy-to-use and hassle free, and provides customers with a fast decision on their application which, if successful, can see customers receive funding within just one hour.