Linked Finance is lending more than ever, with growth in industries such as commerce, construction and manufacturing.
The peer-to-peer lending platform Linked Finance announced record lending to Irish SMEs last month.
The Dublin-based company loaned € 5.5 million to Irish SMEs in July. This figure is three times that of the same period in 2020 and is also the highest monthly loan volume in Linked Finance’s seven-year history.
Linked Finance, which helped Irish SMEs during the pandemic, loaned an average of € 136,000 to more than 40 different companies in July.
The company said the growth signaled a rebound in negative corporate sentiment during the height of the pandemic. He added that sectors reopened following the easing of Covid restrictions, such as wholesale and retail, construction and manufacturing, have seen strong loan growth.
“We are delighted to report record performance in July, with strong demand for loans from businesses looking to restock and reopen as the economy begins to recover from the Covid shock,” said Niall O ‘Grady, CEO of Linked Finance.
“The SME market is now clearly starting the takeover process, although different categories are at very different stages in their takeover. “
O’Grady, a former permanent TSB executive, joined Linked Finance as CEO earlier this year.
In January, it was one of the first non-bank lenders approved to offer loans under the government’s Covid-19 credit guarantee program, designed to provide low-cost working capital and investment loans. to businesses affected by the pandemic.
In total, the company said it has issued more than € 21.6 million in loans so far in 2021 and is on track for a “record year”. In comparison, it lent € 19 million for the whole of 2019.
Since its inception in 2013, Linked Finance has loaned over € 162 million to more than 2,800 businesses and SMEs across Ireland’s counties, including Tara Slevin, The Agile Executive, Lolly & Cooks and Murphy’s Ice Cream.