Pollen Street Capital has completed a €100m (£87m) facility for Irish non-bank lender SME Finance and Leasing Solutions (SME F&L).
The €7bn alternative asset manager said the funding will help SME F&L accelerate its growth and continue providing finance to Irish small and medium-sized enterprises and farmers.
SME F&L offers asset-backed finance for business-critical plant, equipment and machinery, with loans of up to €500,000. The majority of the businesses it supports operate in the agricultural, construction and transport sectors, all of which are central to the Irish economy, the firm said.
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“We have tremendous respect for the team at SME F&L and the important work they do in providing critical asset backed funding to Irish businesses,” said Ethan Saggu, investment director at Pollen Street Capital. “This facility reflects our shared commitment to supporting underserved SMEs, and we look forward to helping more businesses access the finance they need to grow and thrive.”
Since its establishment in 2014, SME F&L has disbursed more than €200m of lending to 7,500 businesses.
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“Having seen a very significant increase in demand for our asset finance products over the past 18 months, SME F&L is delighted to have secured this €100m facility from Pollen Street,” said Declan Roche, chief executive at SME F&L. “This funding will allow us to support an even greater number of small businesses and farmers with asset finance and enable them to achieve their business plans.”
Law firm Addleshaw Goddard advised Pollen Street on the facility, while SME F&L was advised by Byrne Wallace Shield.
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