20 February 2024 - Linked Finance is set to lend €50 million to SMEs across Ireland at discounted rates in partnership with the Strategic Banking Corporation of Ireland (SBCI).
Businesses that have seen costs rise by over 10% because of the conflict in Ukraine will be eligible to receive loans at a discount of 20%. The Ukraine Credit Guarantee Scheme (UCGS) allows eligible customers to receive working capital loans up to €250,000 with terms between 1 - 5 years.
Under this scheme, SMEs across Ireland experiencing a rise in input costs and supply chain disruptions can now apply through the Linked Finance platform.
Commenting on the new fund, Niall O’Grady, CEO of Linked Finance says: “This partnership with the SBCI is a hugely positive development for the business and is a stamp of approval in the recognition of the important role that alternative lending has to play as a source of funding to help grow the SME sector in Ireland. Linked Finance understands the unique challenges that geopolitical and supply-chain interruptions pose to SMEs and the fast, secure and effective financing it requires to adapt during challenging times.”
June Butler, CEO of SBCI, says, “I am pleased that Linked Finance has joined the Ukraine Credit Guarantee Scheme, increasing the number of finance providers under this Scheme to 17. This expansion will further facilitate Irish businesses’ access to funds for working capital or investment. At the SBCI, we are committed to supporting Irish businesses by providing them with easier access to finance and promoting competition in the Irish credit market. Today’s announcement demonstrates how we are working with a wide range of finance providers to support Irish businesses that are looking for the finance they need to invest and grow and deal with the challenges and uncertainties they face.“
With Linked Finance, borrowers can access fast, secure and hassle-free finance. Businesses have until the 31st December 2024 to apply for a loan under the scheme. To apply, businesses must apply for a code from the SBCI that confirms eligibility which allows Linked Finance to offer the loan at the discounted rate.
Linked Finance recently secured authorisation from the Central Bank of Ireland under the new European Union regulations for crowdfunding providers. The Central Bank authorisation is a pivotal step in Linked Finance’s continued growth and underscores the company's commitment to the new EU-wide standards of transparency and compliance, adding a further layer of security for retail investors who are supporting SMEs in the Irish market.
Since 2013 Linked Finance has supported over 4,000 Irish businesses with financing, through their transformative lending solution to provide businesses with alternative avenues to secure capital quickly and easily.