Capitalflow announces a new €50 million fund in partnership with the Strategic Banking Corporation of Ireland (SBCI) aimed at Irish SMEs. The fund will allow Capitalflow to provide Irish SMEs with lower-cost funding for new and used equipment, machinery and vehicles funded by Leasing or Hire Purchase products. The fund will help drive competition in the SME funding market.
Established by Ronan Horgan, Capitalflow began operating in April 2016 and has grown from its original team of 3 to a team of 70 strong decision makers. Capitalflow provides SMEs immediate access to across a range of financial products – equipment and vehicle leasing, invoice discounting and property finance. The company has offices in Santry, Baggot Street and Cork and operates nationwide.
To date Capitalflow has lent over €450 million in facilities to Irish SME’s across the country and aims to further increase its market share in the Irish market significantly in the next two years, across existing and new products designed to meet the needs of Irish SMEs.
According to Capitalflow CEO, Ronan Horgan “We are really excited to announce this new €50 million facility with the SBCI. It is another milestone in our journey, as it allows us to build deep, long-lasting relationships with many new Irish SMEs in partnership with a local provider that really understands the needs of Irish SMEs”
Speaking about the announcement, Paschal Donohoe TD, Minister for Finance and Public Expenditure & Reform said:
“I welcome this announcement from the Strategic Banking Corporation of Ireland, of a new €50 million funding facility for Irish SMEs. It is particularly noteworthy that SBCI is doing this through a new on-lending partner, Capitalflow, as expanding the distribution of credit will help SMEs to access the funds they need at the right time to enable them to grow their businesses, increase employment and ensure they are more resilient for the future”.
Nick Ashmore, Chief Executive at SBCI said:
“The SBCI are looking forward to working with Capitalflow as a new on-lending partner to deliver on this €50 million loan to Irish businesses. This fund will help promote competition in the SME funding market and deliver on the SBCI’s objective in bringing cheaper and more accessible funds to Irish businesses.”