CROSS-border commercial business lender Capitalflow plans to double its headcount in the north from six people to 12 by the autumn, its co-founder Harry Parkinson has confirmed.
And the alternative finance specialist says it is committing another £50 million in finance to SMEs in Northern Ireland - with a particularly emphasis on targeting new-starts.
Capitalflow, which is among Ireland's newest independent finance providers, funds small-and medium-sized businesses through a variety of products, including confidential invoice discounting, leasing, hire purchase and asset-based lending, such as for property and stock.
With backing from deep-pocketed London-based equity fund specialist Pollen Street Capital, the company sprung up just a year ago.
Since then it has loaned the thick end of €50 million (£43m) to more than 450 Irish businesses.
Parkinson, who formerly led Northern Bank's invoice finance operation in Belfast before setting up Close Brothers Commercial Finance in 2007, helped found Capitalflow alongside former Bibby Financial Services managing director Ronan Horgan.
"When we launched last April, we pledged to commit €300 million - that's roughly £260 million at current sterling rates - to finance to Irish SMEs, and that still stands," says Parkinson.
"In Northern Ireland alone we've already loaned £10 million in less than a year and have a £50 million pot available which we believe can will help small businesses struggling to access finance from the mainstream lenders."
He added: "These are certainly uncertain times in terms of Brexit, the political impasse and a continued fall-out from the crash.
"But there's encouraging signs of a pick-up in the economy across the island, and we believe SMEs require new and alternative lines of finance to fund their businesses."
Parkinson said: "We visit, listen and learn from our customers about the business plan for the future. We are focused on the current and future plans rather than the past, and understand that SMEs have traded through very difficult times and they now need our support to grow as the economy recovers.
"From what we've seen so far, there is a the demand for our products in the market, and we can only see our own business growing."
Demand for Capitalflow's products is strongest across the construction, transport, manufacturing and tourism sectors, which are key industries for employment and business growth in Ireland.
Parkinson added: "Our funding options deliver flexible and immediate funding options to businesses. We are different to traditional forms of finance and can process funding applications and make a decision on financing in days, rather than leaving SMEs waiting weeks for a response."
