Capitalflow targets €300m of lending to SME sector this year
Specialist SME lender Capitalflow will advance €300m of lending into the market in 2019 and plans to roll out regional offices including in Cork, said chief executive Ronan Horgan.
Speaking at the opening of Capitalflow's new offices on Baggot St in Dublin Finance Minister Paschal Donohoe said borrowing appetite among Irish small and medium-sized firms remains below the levels expected given the pace of the recovery. He said alternatives to the traditional banks are needed to ensure a flow of investment finance into the economy.
Capitalflow has advanced €260m of lending to 1,650 Irish business customers since it was launched in 2015.
It provides leasing, hire purchase, refinancing, invoice discounting and property finance.
The business is backed by UK-based investor Pollen Street Capital, whose other Irish investments include online auctioneering house BidX1.
Its managing director, Lindsey McMurray, said Pollen Street has to date deployed €850m of capital into the Irish market and remains optimistic, despite the difficulties that may emerge as a result of Brexit.