Linked Finance Launches New SME Loans

27 Jan 2020 | 10.43 am

Linked Finance Launches New SME Loans

Five-year unsecured loans up to €300k, rates start at 7.95%

27 Jan 2020 | 10.43 am

Linked Finance has launched a five-year unsecured loan product for Irish SMEs. The peer-to-peer lender said that the new loan is for amounts up to €300,000.

Linked Finance’s new loan is being pitched as an alternative to asset financing. The loans are available in under 24 hours and rates start at 7.95%.

Niall Dorrian (pictured), CEO of Linked Finance, said that the loan facility is unique in the Irish market. “It is the only unsecured lending to companies over a five-year term for amounts of up to 300,000.

“It allows Linked Finance to serve companies with big ambitions and more complex funding requirements without the need for them to deal with complex collateral or security pledges and expensive legal fees. This marks a new milestone for peer-to-peer lending in Ireland as an alternative to traditional lenders.

“We believe that there is significant demand for longer term borrowing opportunities, and by attracting more companies to our platform in 2020 we will offer our lenders a wider range of options to deploy money at attractive interest rates.”

Since launching in 2013, Linked Finance has provided more than €125m to 2,400 companies.

According to Dorrian, the introduction of the new loan facility is part of a wider growth strategy for Linked Finance, which includes plans to double its Dublin headcount to 50 by the end of 2020.

Linked Finance’s operating company recorded a loss of €553,000 in 2018, bringing accumulated losses to €4,300,000. In 2018, the lender also announced that it had secured €50m in funding from Banco BNI Europa, a Portuguese digital bank. The funds were to be deployed over a two-year period to lend to Irish SMEs.

Companies that have raised funding with Linked Finance in the past include Viking Splash Tours, Iconic Offices and the Irish Fairy Door Company.

Comments are closed.