Business

Belfast finance firm expands into Dublin with €100m funding pot

L-R: (From left) Alan Wardlow, sales director; Judith Totten, owner and managing director; Aidan Dolan, head of business development; and Colin Dundas, finance director at Upstream

A BELFAST- based finance firm has set up a new Dublin office with plans to provide up to €100m (£84.5m) in funding to growth-focused Irish companies over the next three years.

Upstream Working Capital, a US-backed provider of alternative finance, has opened a new base at Sandyford Business Park, with a funding pot, which it says has the potential to support transactions of up to €10m (£8.5m) per client.

The company has been supporting small and medium enterprises (SMEs) in the north since 2011.

Upstream secured substantial backing from a major US-based shareholder in spring 2019.

The investor has a background of funding companies across north and south America.

Upstream says it works with ambitious trading companies to understand what they require now and their future needs. The company states that issues including working capital availability to fulfil orders and fund continued sales growth is often the limiting factor for many businesses.

Aidan Dolan, head of business development in the new Dublin office said the growth represented a natural progression for Upstream, following its success in the north and the financial backing.

“We see great opportunities as Ireland is set to be the strongest growing Eurozone economy in 2020 with forecasts ranging from 3.5-5 per cent GDP growth,” he said.

“Notably most businesses within the SME space are planning to invest and employ more people in 2020.

“We want to support these companies with their investment and growth plans.”

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Business