| 5.6°C Dublin

Linked Finance racks up €80m in SME loans

Close

Linked Finance chief executive Niall Dorrian

Linked Finance chief executive Niall Dorrian

Linked Finance chief executive Niall Dorrian

More than €80m worth of loans have been provided through SME peer-to-peer lender Linked Finance over the last five years, new figures show.

The company, which was established to meet a shortfall in available cash for small businesses, acts as an intermediary between investors and firms.

More than 20,000 people are now registered with the platform, since it was established in 2013, and the Dublin-based business has lenders based in every county. Lenders have earned €6m in interest to date on loans that can be as large as €300,000.

Linked chief executive Niall Dorrian said that there was an "increasing appetite" to support SMEs through peer-to-peer lending.

"It allows you to lend to a diverse portfolio of companies and earn attractive returns whilst knowing you are helping a local business to thrive and expand," he said.

"The model also means that Irish businesses can access loans of up to €300,000 more quickly than ever before."

Final figures for 2018 have yet to be published, but the company expects total loans for the year to be around €39m, a 60pc increase on the €24m lent in 2017. Viking Splash Tours, The Rolling Donut, and Lolly & Cooks, have all used the platform.

Sunday Indo Business