Grid Finance, a cash advance lender to small businesses, has announced plans to provide up to €100 million in loans to Irish businesses over the coming years through a new partnership with Fasanara Capital.
The partnership, which it says will allow it to double its lending in 2022, will also enable it to fill the void in SME lending left by the departure of Ulster Bank and KBC from the market, he believes.
“GRID’s flexible repayments and platform are unparalleled in Ireland and we look forward to offering even lower rates to Ireland’s top small businesses over the coming year, through our partnership with Fasanara,” said Derek Foley Butler, CEO and Founder of GRID Finance. .
He intends to divert part of the funds to the development of new markets and products.
Grid Finance was founded in 2013 with a focus on crowdfunding, where small amounts of funding are raised from a large group of investors.
However, it has focused in recent years on providing short-term business loans through a process known as Cash Advance lending.
The group recently appointed John Moran, the former secretary general of the Department of Finance, as chairman.
“As banks continue to turn away from helping small businesses, we’re ready to serve and open for business,” Foley Butler said.