Linked Finance becomes approved lender for Covid-19 Credit Guarantee Scheme

Niall Dorrian, Linked Finance
Niall Dorrian, Linked Finance

SMEs looking for fast and simple discounted loans can access scheme through peer-to-peer lender

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14 January 2021 | 0

Fintech business lending firm Linked Finance has been approved as a lender under the government’s Covid-19 Credit Guarantee Scheme (CCGS). The approval means that SMEs looking for fast and simple discounted loans can now access this scheme through the Linked Finance platform.

The CCGS is designed to offer low cost working capital and capital expenditure loans for businesses affected by Covid-19. Linked Finance will be able to offer borrowers decisions on loans of up to €250,000 less than 24-hours after receiving documents.

Linked Finance has partnered with the Strategic Banking Corporation of Ireland (SBCI) to deliver the initiative.

 

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According to a statement from Linked Finance, the company is “proud to have been the first non-bank lender approved by the government as a Covid-19 Credit Guarantee Scheme lender. Since launching our loan offering last week, we have received record levels of interest from SMEs looking to avail of the scheme through our platform. This shows the appetite there is for a better, faster approach to lending, supported by excellent service with loans approved in under 24 hours.

“We are very pleased that the government has approved Linked Finance as a Covid-19 credit guarantee scheme lender, recognising the innovation and high levels of technical underwriting skill that we provide to Irish businesses,” said Niall Dorrian, chief executive of Linked Finance. “It is also an important milestone in the diversification of how businesses access finance in this country, a trend that’s been happening in many European markets in response to this pandemic.

“We’ve been proactively supporting both new and existing customers to manage the impact of Covid-19 on their businesses, and we encourage companies to avail of our fast and simple lending service. We want to help Irish SMEs with clear long-term viability to keep moving forward and get the cashflow support they need.”

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