Finance minister Paschal Donohoe has opened the new Dublin corporate headquarters of Capitalflow.

The specialist business lender says it is ramping up its lending services to SMEs in 2019, and plans to lend c. €300m through this year.

Chief executive Ronan Horgan commented: “Our new corporate headquarters in Baggot Street will allow us to hire further lending professionals and bring our staff numbers to over 90 by end of the year, and to double our staff numbers in the next two years.’’

The company also plans to open an office in Cork by the end of February. A fourth regional office will open in the third quarter of 2019.

Capitalflow has 68 lending staff and sees scope for 20 additional hires in the year ahead.

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Horgan added: “Our inverted business model sees the reintroduction of traditional, no-nonsense banking methods and brings business lending back to basics. Our team of senior advisors are solely responsible for their specific division and meet with our clients on a one-to-one basis. They provide instant solutions, taking the burden off busy SME owners.

“The pillar banks have ignored key sectors of Irish industry and abandoned the idea of people doing business with people. This has provided us with a golden opportunity, and our disruptive business model is to reintroduce traditional lending practices, where the person you meet on day one is the Capitalflow contact who will provide you with finance and build a lifetime relationship.”

Ronan Horgan formerly worked with Bibby Financial Services and established Capitalflow in 2015. In 2016 the venture was acquired by London private equity firm Pollen Street Capital.

The company says it has advanced over €260m to 1,650 Irish customers in recent years, with products including leasing, hire purchase, refinancing, invoice discounting and property finance.

Photo: Paschal Donohoe (centre) with Ronan Horgan and Lindsey McMurray. (Pic: Maxwells)