Linked Finance welcomes extension of Irish government lending program

Linked Finance praised the Irish government’s extension of its € 2bn (£ 1.7bn) credit guarantee program and revealed that it has loaned € 7m under the initiative to date.

The Irish peer-to-peer lending platform was accredited for the scheme in january, which offers an 80% public guarantee on business loans of 10,000 to 1 million euros for terms of up to five and a half years.

Niall O’Grady (pictured), who joined Linked Finance as Managing Director in February, welcomed the extension of the system to make it open to applications until the end of the year.

“We are delighted that the program is being extended until the end of the year, giving more businesses the opportunity to benefit from it as they seek to reload their businesses in the wake of the pandemic,” O said ‘Grady.

“This gives small and medium-sized enterprises (SMEs) the opportunity to ensure that all the work they have done to survive the challenges of Covid is not lost or wasted.

“As the first non-bank lender approved under the program in January, we have received a huge response from SMEs and have already funded over € 7 million in loans to SMEs across the country. “

Read more: Linked Finance sees ‘record’ interest in government guaranteed loans

Under the terms of the credit guarantee scheme, loans below € 250,000 do not require any personal guarantee or collateral. Interest rates will vary depending on the loan, but they will be lower than what would otherwise be available in the market.

Since the start of 2021, 19 credit unions and three non-bank lenders have joined the program as finance providers.

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