Peer-to-peer lending platform Linked Finance has launched a new "Beyond Brexit" loan for Irish SMEs who are in the process of preparing for Brexit.
The new offering on the platform allows Irish SMEs to access working capital facilities of up to €300,000 in just 24 hours.
These new loans allow Irish SMEs to spread large yearly recurring costs over a longer repayment period than the typical 11 or 12 month facilities usually on offer for things like insurance premiums, stocking loans or professional subscriptions.
The Government has said that managing cash flow is a key consideration of any practical preparation for Brexit.
Many of the businesses who already use Linked Finance are looking for ways to better manage cash through this period of Brexit uncertainty.
Linked Finance said its "Beyond Brexit" business loans are especially useful for Irish businesses who want to acquire additional stock in advance of the October 31 deadline.
Niall Dorrian, CEO of Linked Finance, said many of the businesses it works with are putting additional working capital in place now.
"The logic being that it's easier to access credit today before any Brexit-related challenges have taken their toll on cash flow. With the UK political situation changing day by day Irish businesses will continue to hope for the best, but would be prudent to prepare for the worst," Mr Dorrian said.
Since its foundation Linked Finance was founded has provided more than €110m in lending to SMEs across every county of the country and every sector of the economy.
The companies that have raised funding on the peer-to-peer platform include Viking Splash Tours, The Rolling Donut, Lolly & Cooks, Murphy's Ice Cream, Iconic Offices and the Irish Fairy Door Company.
