The Covid-19 Working Capital Scheme, launched on March 10, allows SMEs to seek loans of up to €1.5m via AIB, Bank of Ireland or Ulster Bank. But Linked Finance said SMEs in other European nations were receiving far larger and more flexible financing options in state-backed schemes that allow alternative lenders like Linked Finance to participate. "The clock is ticking for Irish SMEs and it's vital that the Government moves quickly to expand the lending support it can provide," said Linked Finance chief executive Niall Dorrian. The UK government this week started to offer state-backed emergency loans to SMEs using both pillar banks and a non-bank lender, Funding Circle, as funding channels. Linked Finance enables loans to Irish small firms using a 'peer to peer' lending model.

Source: Irish Independent May 02, 2020 01:30 UTC