Linked Finance increases loan size to half a million
Irish peer-to-peer lending platform Linked Finance has increased its maximum loan size to €500,000 (£429,000) for small and medium sized businesses.
The firm claims that the increase, from €300,000, makes it the only alternative lender to offer unsecured business loans at such a scale.
Read more: Linked Finance: SME optimism stalls amid inflation concerns
Linked Finance, launched in 2013, has facilitated more than 3,200 loans for businesses, amounting to over €193m. Borrowers include The Rolling Donut, Iconic Offices and the Irish Fairy Door Company.
Two companies, a financial adviser and a building contract, have already made use of the new half a million loan size.
Currently, 40 per cent of business loans issued by the lender are to repeat customers. Average loan sizes have increased nearly 20 per cent in the last year, from €90,000 to €107,000.
Read more: Linked Finance launches merchant cash advance
“Linked Finance is unique in the market through being able to offer loans of up to €500,000 on an unsecured basis,” said chief executive Niall O’Grady. “Our ability to deliver quick decisions through a simple, user-friendly application process is vital as business grapple with a complex business environment fraught with the uncertainty of rising input costs.”
“The fact that 40 per cent of the loans we issued this year are to repeat customers is a sign that our service is extremely popular with business owners who are happy to move an increasing portion of their credit requirements to Linked Finance as a serious alternative to traditional banks.”
Read more: Linked Finance launches open banking solution for borrowers