Businessman is betting on people power to convert bookies into a bar

Cork businessman Ernest Cantillon is betting on people power to fund his latest business venture.

The vintner and former president of the Cork Business Association has become the first entrepreneur to sign up for the new Business Growth Scheme by peer-to-peer lending company, Linked Finance.

The scheme is a new initiative to Ireland, where SMEs can apply to have their expansion loans fully funded by members of the public through the online company as an alternative to the banking system.

Last month, Mr Cantillon’s application for a €40,000 loan went live on linkedfinance.com. Within five days, 41% of his loan had been pledged by 65 investors. The terms of his loan will be 36 months.

The loan will allow Mr Cantillon expand his Sober Lane bar on Sullivan’s Quay in Cork City into an adjacent former bookmakers office, which will then become an intimate, licensed bar specialising in craft beers and wholesome food called ‘The Crafty Bookmaker’.

The finance will be spent on the refurbishment and development of the premises and the planning process. It is hoped that the bar will be open in four months.

“The Linked Finance experience has proven a success for us on many levels. We are lucky enough to have access to bank finance, unlike a lot of other businesses, so availability of credit wasn’t the driving factor for us — it is the quick turnaround, reasonable due diligence and ability to turn a funding requirement into a marketing opportunity,” Mr Cantillon, owner of Electric Bar & Restaurant, said.

This is the second time Mr Cantillon has chosen Linked Finance for the development of his business. He used Linked Finance’s Crowd Funding initiative to help finance his SugarCube creperie which opened on the South Mall last summer.