Iwoca, an SME lender, and payments firm Teya have partnered to help small businesses in the UK access funding, as brokers expect demand for finance among small- and medium-sized enterprises (SME) to increase this year.

Through the partnership, Teya’s UK customers can apply for iwoca’s Flexi-Loan product directly from within the Teya app or web portal, with loans from £1,000 up to £1m offered and flexible terms ranging from one day to 60 months.

Read more: Demand from SMEs for loans over £100k expected to ‘surge’ this year

The Flexi-Loan has no early repayment fees, while business owners will receive the approved funds “within minutes”, Iwoca said.

Among SME finance brokers, 73 per cent identified faster decisions as their clients’ top priority, according to Iwoca’s SME Expert Index, which also revealed that 76 per cent of UK brokers predict that SME demand for finance will rise in the coming months.

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

Read more: Iwoca: Economic pessimism doubles among UK SME owners following budget

“Teya shares our belief that small businesses should have quick and uncomplicated access to the finance they need to grow,” added Colin Goldstein, iwoca’s chief commercial officer. 

“Working together, we can reach even more business owners and ensure that capital is available when and where it’s needed most.”

Since launching in 2012, Iwoca has made funding available to more than 100,000 businesses.

Read more: Challenger and specialist lenders overtake banks for SME finance