Independent retailer Michael Wall turns to peer-to-peer lending to open shop in Cork

Forget about crowd-funding - emerging companies in Ireland are turning to peer-to-peer funding to get their business ventures off the ground.

Peer-to-peer funding benefits both parties, as new enterprises receive the funding needed to get started and investers will have their money paid back over time, with approximately 7% interest.

Diamond and gem specialist Michael Wall has turned to this platform to fulfill his dream of opening a shop of his own in Cork city centre and becoming a part of history of the city. Last month he joined GRID Finance, an Irish online financing platform, having struggled to secure funding through traditional means.