Linked Finance lent €5m to Irish SMEs in July
Peer-to-peer lending platform Linked Finance is on track for a record year, having delivered the strongest monthly lending volume in it’s seven-year history. The company lent €5.5 million in July, more than treble the level of lending in July 2020 signalling a rebound from the negative business sentiment at the peak of the pandemic.
Linked Finance lent money to over 40 different SMEs In July, with an average loan size of €136,000 and credit decisions taking 24 hours or less upon documents being submitted.
Linked Finance has issued more than €21.6 million in loans this year to date, compared to €19 million for the full year in 2019. The company has seen strong growth in lending across all sectors, in particular among those reopening their operations following the easing of Covid-19 restrictions, particularly the wholesale and retail trade, construction and manufacturing.
In January, Linked Finance was among the first approved non-bank lenders to offer loans under the government’s Covid-19 Credit Guarantee Scheme (CCGS). Since then, the company has been awarded two furthers allocations of additional CCGS funding and is set to continue disrupting the market with the speed and simplicity of its loan offering. The platform also offers a new Recharge SMEs loan which provides pubs, restaurants, accommodation providers, and cafes with a loan of up to €50,000 to help them reopen, restock, and rehire as pandemic restrictions are eased.
Niall O’Grady, CEO of Linked Finance, said: “The SME market is now clearly starting the process of recovery, although different categories are at very different stages in their recovery.
“Our Recharge SMEs loan allows companies to access up to €50,000 to support their immediate needs and help them to get back trading, while the CCGS is designed to offer low cost working capital and capital expenditure loans for businesses affected by Covid-19.
“At Linked Finance we offer SME customers a range of options for businesses looking to access finance fast and efficiently in a seamless online process. Every SME in the country should have an alternative lender to compare to the banks.”