UK business lender iwoca has joined forces with Teya, a financial services platform for small businesses, to facilitate its Flexi-Loan product to business owners through Teya’s digital offerings.

With the integration of iwoca’s lending service, users can now submit loan applications directly through Teya’s app and web portal.

The loan amounts range from £1,000 to £1m, with repayment terms spanning from one day to up to 60 months.

According to the company press release, the application process for these loans is entirely paperless, and customers will not be charged for repaying their loans ahead of the agreed schedule.

The alliance is said to be significant, as projections from the SME Expert Index suggest an upward trend in the demand for financial services by SMEs, with 76% of finance brokers anticipating an increase in the coming period.

Teya product director Siddhartha Ram said: “This partnership is another step in our journey to build truly useful financial services for small businesses.

“Whether it’s payments, accounts or funding – our aim is to give business owners the tools they need to thrive, with none of the complexity.”

iwoca chief commercial officer Colin Goldstein stated: “Teya shares our belief that small businesses should have quick and uncomplicated access to the finance they need to grow. Working together, we can reach even more business owners and ensure that capital is available when and where it’s needed most.”

This announcement follows the recent research conducted by iwoca, which indicated a growing inclination among finance brokers to recommend non-traditional lenders over conventional banks.

A key factor influencing this trend is the desire for more rapid decision-making in the loan approval process, as cited by 73% of brokers.