A new Belfast based lending solutions platform, Clearpath Finance, is set to address the need for alternative finance in the SME sector in Northern Ireland.
The firm will draw down its first tranche of loans totalling £15m by the end of October 2016, for a range of businesses across Northern Ireland.
Clearpath Finance provides an alternative source of lending as a commercial finance broker working with a number of major lenders across the UK. The company has established relationships working with a select number of peer-to-peer lenders, equity and mezzanine funders and private lending consortiums to go some way to solve the current liquity crisis in the local economy.
“The SME market has been seriously under-supported by the main financial institutions over the last 10 years, mainly due to legacy debt and balance sheet problems facing the local banks,” said Clearpath director Conor Devine.
“We identified an opportunity in the market to provide third party lending to businesses and organisations looking for additional financial resources through our comprehensive experience and research.
“By bringing together a number of larger financial institutions that have the capacity to support the SME sector in Northern Ireland through Clearpath Finance, we will ensure that business lending for the SME sector is through a simplified, uncluttered and expedient path.”