From left: Linked Finance CEO Niall O’Grady and SBCI CEO June Butler. Image: Fennell Photography
The company has joined the Ukraine Credit Guarantee Scheme, which aims to provide low-cost finance to businesses disrupted by the Ukraine conflict.
Irish lending platform Linked Finance has joined an Irish scheme that aims to help businesses impacted by Russia’s ongoing invasion of Ukraine.
The company said it has partnered with the Strategic Banking Corporation of Ireland (SBCI) to offer €50m in low-cost loans to SMEs impacted by the conflict. Linked Finance said businesses that have seen costs rise by more than 10pc as a result of the conflict will be eligible to receive loans at a 20pc discount.
The lending platform is making this offer as part of the Ukraine Credit Guarantee Scheme (UCGS), an Irish Government initiative to give impacted SMEs access to low-cost finance. Linked Finance said eligible customers will be able to receive working capital loans of up to €250,000, with terms between one and five years.
Linked Finance CEO Niall O’Grady said this partnership with the SBCI is a recognition of the role that alternative lending has to play in growing Ireland’s SME sector.
“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,” O’Grady said.
The lending company said businesses have until 31 December 2024 to apply for a loan under the scheme. Businesses that wish to apply need to get a code from the SBCI that confirms eligibility, before Linked Finance can offer a loan at the discounted rate.
SBCI CEO June Butler said the new announcement means that now 17 finance providers are part of the UCGS.
“This expansion will further facilitate Irish businesses’ access to funds for working capital or investment,” Butler said. “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.”
In July 2023, Linked Finance passed a significant milestone of providing more than €250m in loans to SMEs across Ireland.
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