Commercial lender to open £50m NI SME fund

Capitalflow Commercial Finance is planning to double its staff and open a £50m cash pot to support Northern Irish SMEs.

The cross-border commercial business lender is looking to increase its Northern Ireland team from six people to 12 by the autumn.

Backed by Pollen Street Capital, Capitalflow launched in July last year with the intention of funding £300m to SMEs in Northern Ireland and set aside a £40m dedicated fund for the transport and distribution industry.

Since launching, Capitalflow has lent £43m to over 450 Irish businesses via a variety of products, including invoice discounting, leasing, hire purchase and asset-based lending.

Harry Parkinson, CEO of Capitalflow (pictured above), said it was still committed to its original lending targets.

“In Northern Ireland alone, we’ve already loaned £10m in less than a year and have a £50m pot available which we believe can help small businesses struggling to access finance from the mainstream lenders.”

The founder of Close Brothers Commercial Finance in Ireland said Capitalflow had seen strong demand across the construction, transport, manufacturing and tourism sectors – all key areas for employment and business growth across Ireland.

“We are different to traditional forms of finance and can process funding applications and make a decision on financing in days, rather than leaving SMEs waiting weeks for a response.”

The news comes after it was predicted that more lenders would expand into Northern Ireland after it was revealed to be the most underserved region in the UK in a recent Bridging & Commercial poll.

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