Explore additional funding and banking solutions

An iwoca loan may not be the best fit for you right now, but there are still plenty of ways to manage your finances and grow your business – whether you’re exploring alternative funding options, opening a business bank account, or working to improve your credit score.

Financial tools tailored to sole traders

Alternative business loan provider
Nationwide Finance logo

Nationwide Finance

Nationwide Finance has been helping businesses for over 20 years, approving over £3 billion in startup loans.

  • Get a free instant decision with no impact on your credit score. 

  • Loans available from £6,000 to £10 million. 

  • Receive funds in as little as 24 hours. 

Alternative loan providers

Alternative loan providers

As a sole trader, accessing funding can sometimes feel like a challenge. With its flexible eligibility criteria and secured finance options, Nationwide Finance helps over 50,000 clients per year secure the funds they need.

Loans must be repaid with interest, so it’s crucial to ensure affordability before committing.


Business credit report
Capitalise logo

Capitalise

Check your business credit report with Experian powered by Capitalise and get a clear picture of your credit status.

  • Free business credit report with no impact on your credit score.

  • View your credit file and spot any errors.

  • Free funding eligibility check to see your access to better deals.

Credit reporting

Credit reports

Your business credit report plays a crucial role in how lenders and service providers assess your financial reliability. Ultimately, it helps to determine whether you qualify for loans, contracts, or other deals. Checking your credit report regularly will ensure there are no errors, and will give you a chance to improve your score.

As a sole trader, your business credit score will be closely tied to your personal credit score. This means maintaining a good personal credit score is just as important as keeping your business credit score strong.


Business bank accounts
Zempler logo

Zempler

Zempler provides an easy and affordable way to manage your business finances, with no monthly fees and a host of features.

  • £0 monthly account fee with a one-off setup fee of £9.95.

  • FSCS protection on eligible deposits up to £85,000.

  • 24/7 fraud protection and UK customer service when you need it.

Business bank accounts

Business bank accounts

A business bank account helps you manage your finances more efficiently by clearly separating personal and business transactions. This not only streamlines your financial management, but can also make accessing funding easier, as lenders typically prefer to see well-organised business records.

It can also improve your accounting, enhance cash flow tracking, and help you build a more professional image. Having a dedicated business account is a key step toward laying a solid foundation for your business's success.


What if none of these options work?

If the options we’ve outlined don’t seem like the right fit for your business, don’t worry – there are still plenty of ways for sole traders to secure funding. While government grants may not be as readily available for sole traders compared to limited companies, there are still some available that could align with you and your business.

You could also apply for a government-backed Start Up Loan. This loan offers between £500 and £25,000 to help you start or grow your business. It’s an unsecured personal loan, so you don’t need to provide collateral, but you will need to pass a credit check.

Always keep in mind that improving your credit profile is a key step. A stronger personal credit score, along with keeping your business finances in order, can increase your chances of qualifying for better loan rates, more flexible terms, and a wider range of alternative funding sources.