Artisan bread producer Arbutus Bread in Mayfield, Cork, has raised €26,000 from peer-to-peer (P2P) lender Linked Finance to fund expansion of the business with the purchase of new bread making equipment.
Michelin chef Declan Ryan launched Arbutus Bread in 1999, having sold Arbutus Lodge Hotel, the first restaurant to achieve a Michelin Star in Ireland.
Arbutus Bread currently has a team of eight bakers, producing award-winning products including Almond and Saffron Twists and Turkish Pide.
In total, Arbutus Bread has raised €36,000 through Linked Finance. This is its second visit to the P2P platform. The new funds will be used to purchase a new bread mixing and dividing apparatus.
Declan Ryan said: “The ease of application, quick credit approval, and personable approach made the entire process an enjoyable one. The day after I applied, I had the funds in my account.”
Linked Finance has provided over €8.3m in 176 business loans in Cork since its launch. Other businesses to utilise the platform were bilingual childcare centre BEL Childcare Ltd, and Mallow-based workplace safety manual producer Health & Safety Publications Ltd.
Niall Dorrian, CEO, Linked Finance, said:
We understand how critical access to straightforward funding is for SMEs. Our main purpose is to facilitate that access to funding, allowing the businesses on our platform to keep their focus on growing their business.
The Linked Finance platform is seen as an attractive source of funds for ambitious Irish SMEs.
The company recently reached the milestone of having issued over €100m in funding to local businesses, and announced plans to double headcount, adding 25 new staff by the end of 2020.
Since its establishment, Linked Finance has pioneered P2P lending in Ireland.
Its market-leading platform has demonstrated that there is a real appetite among Irish SMEs for new and innovative paths to funding.
Linked Finance has now provided more than 1200 loans for Irish SMEs since its launch in 2013.