The deal has been made so that the combined alternative small business e-lending platform can have a bigger pool of capital from which to refinance existing debt, facilitate growth and provide loans to small businesses in the UK. Everline and ezbob came together in February 2015 through a merger deal, and have together provided 6,000 loans to SMEs in the UK.
The Alibaba deal Everline and ezbob signed in March 2015 saw the creation of the Alibaba.com e-Credit Line. Small and medium-sized businesses are able to apply for a line of credit, receive approval and then use that credit to make multiple drawdowns to finance purchases on the platform.
The EIF arrangement involved the competitiveness of enterprises and small and medium-sized enterprises (COSME). The COSME loan guarantee facility (LGF) funds guarantees and counter-guarantees to financial institutions to help provide more loans and lease finance – mainly up to EUR 150,000 to SMEs. Everline and ezbob are now able to increase loan volumes to SMEs by supporting a new portfolio of loans worth up to GBP 40 million over the next two years.
Everline is an alternative finance provider of working capital to small and medium size businesses. The business was founded in 2012 and Everline was acquired in 2015 by Orange Money, a business lender backed by the Business Bank supported Angel Co-Fund. The combined business has collectively provided over 6,000 business loans and lent over GBP 60 million to small businesses. Everline’s partners include Simply Business, Free Agent, Xero, SageOne, Rated People, Touch Local and UKTI.
ezbob is an online financing company dedicated to supporting SME growth. Investors in ezbob include the UK Governments Angel Co-Fund. In addition, ezbob has been appointed as financial intermediary by the EU. ezbob currently provides up to GBP 50,000 in business funding for a period of 12 months.
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