Linked Finance offers range of financial supports to SMEs affected by coronavirus
Linked Finance, Ireland’s leading peer-to-peer (P2P) lending platform, has unveiled a range of financial supports it is offering to existing borrowers and new SME customers during the coronavirus outbreak.
Earlier this week, in a show of support to its borrowers in the hospitality trade who are playing their part in delaying the spread of Covid-19, Linked Finance applied a blanket two-month payment break to all its loans across the restaurant, bar, pub and hotel trades. The brake will be applied automatically, hassle free and no forms required. We believe this will allow these businesses to evaluate the impact and plan for recovery once the COVID-19 situation eases.
Linked Finance is also aware that borrowers in many other industries are also currently affected and has been actively engaging with borrowers that have approached us to discuss their options. We are working with them to be quick, hassle free and no application forms. Solutions that Linked Finance is able to offer include a break in the repayment schedule of the existing loans of up to three months.
In addition to these proactive support measures, Linked Finance is preparing to launch an innovative new loan facility with a deferred repayment feature to help SMEs who require working capital due to the impact of coronavirus. This means that businesses can get the finance they need today without starting repayments for three months.
Linked Finance is actively engaging with the Government on how the P2P lending sector, and other alternative finance providers, can help SMEs access financial support. The sector can deploy capital quickly and simply and the importance and value of this should be recognised and form part of the solution.
Commenting on the announcement, Niall Dorrian, chief executive of Linked Finance said:
“We have been actively engaging with our borrowers who have been hard-hit by the need to close stores, reduce opening hours or who are experiencing disrupted supply chains. Many have seen their takings dry up overnight. Irish SMEs are the lifeblood of the Irish economy and we want to support them through this unprecedented crisis. We have been overwhelmed with the support we are getting from our base of lenders for the proactive measures. They are ordinary individuals and often business owners themselves; they really understand what our borrowers are going through.
We have supported over 2,500 businesses across every county in Ireland and believe that the peer to peer lending sector can provide a vital source of support for businesses in these difficult times. We are actively engaging with the Government to ensure that the alternative lending sector is part of the wider solution for SMEs during this uncertain time.”
Since its launch in 2013 Linked Finance has provided loans totalling over €130m, for more than 2,500 ambitious local businesses in every county of the country.
Notable Irish companies that have raised funding with Linked Finance in the past include Viking Splash Tours, The Rolling Donut, Lolly & Cooks, Murphy’s Ice Cream, Iconic Offices and the Irish Fairy Door Company.
