A new lender has launched offering finance to Irish small and medium sized enterprises.
Santiago SME Finance will provide loans of between €10,000 and €500,000 to businesses.
The new venture is a fintech and its application to funding process will be completely digital.
It said this will mean it will be able to make a lending decision within 24 hours of application.
"We are delighted to bring these new lending products to Irish SMEs as we are familiar with the financial challenges facing business owners," said Melissa Lyons, Chief Executive Officer of Santiago SME Finance.
"We know people do not have the time or flexibility to commit to bureaucratic processes that often take months to determine a credit decision."
Santiago SME Finance will lend across sectors including retail, ecommerce, hospitality, pharma, energy, agriculture and professional services.
The product offering and software has been in development for 15 months.
The company is a sister firm to development and property bridging finance provider Santiago Capital and wealth management and pension services provider, Santiago Investment Advisors.
It intends to lend to Irish limited companies in operation for at least 12 months.
Applicants will have to provide at least six-months of bank statements, three months' worth of merchant statements and a valid tax cert.
Financial and management accounts will also be needed for larger loan applications.
