Linked Finance expands Covid lending scheme, offers new hospitality loan
Lending platform awarded an extra €5m in funds under Covid-19 Credit Guarantee Scheme
Peer-to-peer lending platform Linked Finance said it was expanding its Covid lending scheme to €15 million after the company was awarded an additional €5 million in funds under the Government’s flagship Covid-19 Credit Guarantee Scheme (CCGS).
The company said it will also launch a hospitality sector loan to provide pubs, restaurants, accommodation providers,and cafes with a loan of up to €50,000 to help them reopen, restock and rehire as Covid-19 restrictions are eased. The Recharge loan has a 13-month term, with no repayment due for the first month.
Linked Finance has lent more than €10 million to small and medium sized enterprises to date under the CCGS, with the company becoming the first non-bank lender to offer the loans in January. Including non-CCGS lending, volumes are up 19 per cent year on year.
“Being allocated a second tranches demonstrates the success of alternative lenders participating in the scheme, and shows the improving range of options there are for businesses looking to access finance fast and efficiently in a seamless online process,” said Niall O’Grady, chief executive of Linked Finance.
“With the hospitality sector reopening we are conscious that many businesses in the sector will require working capital to reopen, restock, rehire. Our new Recharge SMEs loan will allow companies to access up to €50,000 to support their immediate needs and help them to get back trading in what we hope will be a bumper summer for the industry.”
Linked Finance has delivered more than 2,800 loans worth €154 million to businesses throughout the country since its establishment. Among the companies that have availaed of the loans are The Agile Executive, Lolly & Cooks, and Murphy’s Ice Cream.