By Oliver Smith on Wednesday 6 January 2021
Becoming the country’s first non-bank lender to be included.
Ireland’s largest peer-to-peer lending platform, Linked Finance, has been added to the country’s Covid-19 Credit Guarantee Scheme (CCGS) to support small businesses.
The CCGS offers low-cost working capital loans to SMEs with an 80 per cent government guarantee against lender losses.
With AIB, Bank of Ireland and Ulster Bank currently providing CCGS, Linked Finance has become the first “non-bank” lender to be added to the scheme.
Linked Finance says it will be able to offer loans of up to €250,000 in under 24 hours after receiving a business’s documents.
“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,” said CEO Niall Dorrian.
“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.”
Early in the pandemic Linked launched its own “Deferred Start Loan” for businesses affected by the pandemic, a 15-month loan of up to €100,000.