Linked Finance approved as a lender for Covid-19 Credit Guarantee Scheme
Fintech business lending firm Linked Finance has been approved as a lender under the Government’s Covid-19 Credit Guarantee Scheme (CCGS). The approval means that SMEs looking for fast and simple discounted loans can now access this Scheme through the Linked Finance platform.
The CCGS is designed to offer low cost working capital and capital expenditure loans for businesses affected by Covid-19. Linked Finance will be able to offer borrowers decisions on loans of up to €250,000 in under 24 hours from receiving their documents.
This approval is a key milestone in the short history of Linked Finance, which has created its own bespoke proprietary lending platform to fulfil a clear need for smaller Irish businesses to access finance quickly and efficiently. Since its establishment the business has grown rapidly to deliver over €140m in loans to Irish businesses.
Commenting on the announcement, Niall Dorrian, chief executive of Linked Finance said: “We are very pleased that the Government has approved Linked Finance as a Covid-19 credit guarantee scheme lender, recognising the innovation and high levels of technical underwriting skill that we provide to Irish businesses. It is also an important milestone in the diversification of how businesses access finance in this country, a trend that’s been happening in many European markets in response to this pandemic.
We’ve been proactively supporting both new and existing customers to manage the impact of Covid-19 on their businesses, and we encourage companies to avail of our fast and simple lending service. We want to help Irish SMEs with clear long-term viability to keep moving forward and get the cashflow support they need.”
Nick Ashmore, CEO SBCI said: “The SBCI is delighted to welcome Linked Finance as a partner for the Government’s Covid-19 Credit Guarantee scheme. The addition of another provider with fast application turnaround for this Scheme increases the options available for SMEs in accessing finance for their business, to address the impact of the Covid-19 pandemic.”
Further information and details of how to apply are available on www.linkedfinance.com
