Linked Finance secures 1,000th loan for SMEs
Niall Dorrian (l) CEO of Linked Finance and Marc O’Dwyer (r) owner of Big Red Cloud. Picture: Conor McCabe Photography
Linked Finance, the Irish peer-to-peer lending platform, has just funded its 1000th loan for an Irish SME, with total loans made by the company now over €31m. Interest paid to Linked Finance lenders now totals €2.5m.
The 1,000th loan saw accounting software firm Big Red Cloud raise €100,000 to support its marketing activity.
Among the Irish SMEs that have borrowed successfully on Linked Finance since its launch in 2013 are Viking Splash Tours, Murphy's Ice Cream, and the Irish Fairy Door Company.
Lending levels are accelerating in 2017, with total loans in the first half of 2017 up 243pc to €11.4m, the firm said.
Linked Finance said that lending via the platform has effectively doubled each year since its launch, and that it now has more than 16,000 registered users, mostly ordinary members of the Irish public.
Linked Finance plans to continue its growth trajectory and aims to make peer-to-peer lending a "first choice" source of funding among even more Irish SMEs, it said.
Among the current lending offers on the platform is Galway-based company ShareRidge, a construction company that specialises in pipe replacement technology and civil engineering.
It's raising €220,000, and says that it has annual turnover of €11m. It employs 43 people.