Linked Finance hits €350m milestone in lending to SMEs, launches new fund
Linked Finance said that companies borrowing through the platform are attracted by the fast pace of decision-making, with the process from initial application to receipt of funding taking as little as 24 hours for loans of up to €500,000.
It noted the significant growth in loan sizes to SMEs, with the average amount borrowed increasing from €18,000 in 2013 to €115,000 today.
"This trend reflects the growing confidence of SMEs in leveraging larger funding amounts to fuel their growth and expansion initiatives," it said.
Over the past year, Linked Finance said it was seeing significant demand across various sectors, with the top industries seeking loans including retail, construction, manufacturing and professional services.
Linked Finance also said today they have successfully raised over €50m in new wholesale funding that is now available to Irish SMEs.
It said its new innovative fund is a first for the Irish non-bank lending sector and came about after the private placement of senior and junior notes issued by a Section 110 company and compliant EU securitisation regulation.
The maximum loan size for applicants is up to €500,000, with terms of up to five years.
Linked Finance's CEO Niall O'Grady said in an SME sector that needs much more funding support, this new securitisation format establishes an efficient and repeatable funding structure for Linked Finance.
"We expect to raise considerable further wholesale funding using this structure over the coming years and are looking forward to continuing to expand financing support for Irish SMEs," he said.
Niall O'Grady said he believes the exit of many banks from Ireland in the past 10 years leaves Linked Finance perfectly positioned to grow in lending and back more great Irish SMEs than ever before.
"Being able to turn around a lending decision for a loan of up to €500,000 in 24 hours is a unique proposition, and our objective is always to support SMEs to achieve the growth and targets they have set, or the valuable opportunities they want to pursue," he said.
"Flexible finance is where it's at, and we are proud to play a pivotal role in supporting the success of businesses across Ireland. We remain committed to providing accessible, affordable, and transparent financing solutions to fuel the ambitions of the Irish SME sector," he added.
Companies that have raised funding with the lender in the past include the Rolling Donut, Kokoro Sushi Bento and Murphy's Ice Cream.
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