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UK non-bank lender Braemar Finance has launched a new business loan product in Ireland aimed at professionals finding it difficult to secure finance from traditional lenders.
The group already offers Irish customers invoice financing, effectively a bridging loan for professionals awaiting clients to pay their bills, via its Dublin office, which employs 40 staff.
Braemar, a subsidiary of UK banking group Close Brothers, said its new loan product could be used for a variety of purposes, including buying into or starting up a new business, a renovation, new equipment or to cover overheads.
“Our decision to offer this new product is based on conversations with our Republic of Ireland customers who have told us that there are still legacy effects being felt from the recession with a reluctance among some existing lenders to support SMEs,” said Braemar managing director Aileen Boyle.
“We continue to lend through all economic cycles, because we understand that the overwhelming majority of businesses do not fail overnight and we see it as our responsibility to stay loyal to our customers,” she said.