Santiago SME Finance, a newly established Irish fintech has launched, and is now providing loans to Irish SMEs ranging from €10,000 to €500,000. The lending process from application to funding is digitised which enables a credit decision within 24 hours of receiving a complete application. The two loan products offered are merchant advance loans up to €300,000 and unsecured term loans up to €500,000.
The company’s target market is Irish small to medium enterprises across all sectors of commerce including but not limited to hospitality, retail, ecommerce, energy, agriculture, pharmaceutical, veterinary medicine, dentistry, and other professional services. Applications can be made directly by the borrower or through their designated agents such as accountants or brokers.
Santiago SME Finance has already disbursed its first loans and is actively receiving loan applications.
Melissa Lyons, Chief Executive Officer of Santiago SME Finance, said: “We are delighted to bring these new lending products to Irish SMEs as we are familiar with the financial challenges facing business owners. We know people do not have the time or flexibility to commit to bureaucratic processes that often take months to determine a credit decision.
In response, we set out to design an application process that was easy to complete. Following a full application, our credit process is swift . Our ambition is to empower viable SMEs to flourish. We want to become their financial partner, supporting them throughout the business cycle. In other words, our business is helping yours!”
The project has taken fifteen months to complete with most of that period spent on software development.
Santiago SME Finance accepts loan applications from Irish limited companies that have been in operation for at least twelve months. For merchant advance loans, some or all of the business revenue must be taken by credit / debit cards, online or through a payment processor.
The credit analysis process is very straightforward. The applicant should submit six-months bank statements; three months merchant statements; and a valid tax clearance certificate. For larger loans, the most recent financial and management accounts will be required.
Santiago SME Finance is a sister company of Santiago Capital, an established provider of development and property bridging finance, and Santiago Investment Advisors which provides bespoke wealth management and pension services to the Irish market and is regulated by the Central Bank of Ireland.