Alternative finance specialist launches new recovery stimulus fund
A NEW fund aimed at supporting growth-focused businesses frustrated by a lack of cash liquidity has been launched by a Belfast-based alternative finance specialist Upstream.
The recovery stimulus fund is expected to provide much-needed working capital to SME and corporate clients thoughout Ireland and play a vital role in the re-booting of the economies in both jurisdictions.
Upstream founder and managing director Judith Totten said: “As many companies transition from ‘lock-down’ the actions that the business community take in the coming weeks and months will have a profound impact on the outlook for our respective economies for years to come.
“It is our collective responsibility to ensure we are committed to achieving the best outcome we can possibly deliver, with every resource at our disposal.
“The best possible impact we can have on the economy is to proactively provide flexible liquidity for businesses at a time when it is scarce.
“Both governments have helped by providing a range of business support, but many companies have been unable to avail of these schemes, and interventions will eventually dry up and can only help for a finite period.
“Our recovery stimulus fund will complement a company’s current funding package and provide it with the working capital it requires to grow and prosper.”
Upstream sales director Alan Wardlow added: “As a result of the double whammy of a worldwide pandemic and Brexit, banks are retrenching and continuing to take a conservative view on lending,and we believe businesses could be facing a serious liquidity crisis unless they consider alternative finance.
“Our mission is to get cash into the hands of FDs and MDs to enable them to do the deals that are right for their businesses and to benefit from whatever terms they can negotiate as a result of being able to pay their supply chain quicker.”
Upstream says it has individual funding lines up to £2.5m, and potentially more in the case of merger/ acquisition funding.