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Trade finance firm's plans to lend €100m

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Trade finance provider Upstream Working Capital has opened an office in Dublin and plans to provide up to €100m in funding over three years to businesses across the country.

The US-backed lender has been active in Northern Ireland since 2011, lending to small and medium enterprises (SMEs). It is now opening an office in Sandyford Business Park, with funding to support transactions of up to €10m per client.

The company provides invoice financing, trade finance and asset finance.

Upstream said access to working capital, to fulfil orders and fund sales growth, is often the limiting factor for businesses. It said it provides solutions delivering cashflow to fund growth as part of client companies' overall funding mix.

Trade and invoice finance typically allows companies selling goods to borrow short term against their sales invoices.

Aidan Dolan, head of business development in the Dublin office, said the expansion was a "natural progression".

"We see great opportunities as Ireland is set to be the strongest growing eurozone economy in 2020 with forecasts ranging from 3.5pc to 5pc GDP growth," he said.

Alternative lenders have grown rapidly since the financial crash, initially while the traditional banks were unable to fund risk, but with continued growth during the economic recovery.

Irish Independent