IRISH peer-to-peer lending platform Flender has secured a new €75m (£64.5m) funding line and reduced borrower rates.
Borrower interest rates will be cut by up to one per cent across all of Flender’s term loan products, with immediate effect. This means that loans of up to €250,000 are now available to Irish businesses from as little as 6.45 per cent for terms up to 36 months. Previously, these loans would have been offered with an interest rate of 7.5 per cent.
The funding line is “part of a new institutional relationship”, Flender said, although it did not name the institution.
“We’re delighted to have secured this new institutional funding line which we are now making available to our small- and medium-sized enterprise (SME) borrowers,” said Flender’s founder and chief executive Kristian Koik (pictured).
“This relationship has also enabled us to review our interest rates and we are now in a position to offer rates that are amongst the cheapest in the marketplace for unsecured business loans.
“It’s a challenging time for many SMEs, particularly with the uncertainty of Brexit, and we want to help Irish businesses through these challenges by making affordable working capital available to help with the cashflow issues that many businesses may face.”