Cork investors most likely in Ireland to back local firms
Cork-based loan investors are the most likely to back local firms, according to data from peer-to-peer lending platform Linked Finance.
Investors in Cork, followed by Galway, Kerry and Waterford top the table for local lending.
In contrast, investors in Monaghan, followed by neighbouring Leitrim, Longford and Roscommon, are least likely to back a business in their own county. The numbers are based on business loans made over the Linked Finance platform, which matches investors to their choice of borrowers using the so called peer-to-peer lending model that cuts out banks.
Linked Finance, which provides the platform for the loans, reviewed all loans made by its users and published a league table of the most "loyal" lenders to their county.
Lenders in Cork came out top of the table, with Monaghan trailing at the bottom, although the figures are probably skewed by the very low borrower numbers in some counties.
"The people of Cork are known for their fierce local pride, so perhaps it's no surprise to see that lenders there are most willing to back local businesses," said Niall Dorrian, CEO of Linked Finance.
It is unsurprising that the large population centres of Dublin and Cork top the list in terms of overall users, Mr Dorrian said regarding the lending data. Counties Kilkenny, Kerry and Monaghan all showed a level of interest disproportionately large relative to population size, he noted.
The counties with the lowest level of registered users were Louth, Offaly and Limerick.
Analysis of the investors using the platform found that just over one in three (34pc) of lenders have incomes in excess of €100,000, 39pc own their homes outright and 40pc are homeowners with a mortgage.
Almost one in five is retired, while more than nine out of 10 have a third-level qualification, the analysis found.
Linked Finance based the research on its own sample of more than 1200 loans made to Irish SMEs since 2013.
Borrowers that have used the platform include tourism service Viking Splash Tours, Lolly & Cooks, Murphy's Ice Cream, Iconic Offices and the Irish Fairy Door Company.