June 2nd, 2020
A new fund aimed at supporting growth-focused businesses frustrated by a lack of cash liquidity has been launched in Ireland by Upstream.
The Upstream Recovery Stimulus Fund will provide much-needed Working Capital to SME and Corporate clients throughout Ireland.
Upstream Founder and MD, Judith Totten MBE, says the new initiative has the potential to play a vital role in the re-booting of the economies in Northern Ireland and the Republic of Ireland.
“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 therefore our collective responsibility to ensure that we are committed to achieving the best outcome that we can possibly deliver, with every resource at our disposal.
“At Upstream, 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. The UK and Irish Governments have helped by providing a range of business support including CBILS, Bounce Back Loans, Covid-19 Business Loans and a SME Credit Guarantee Scheme, but we realise that many companies have been unable to avail of these schemes – and even if they were – these interventions will dry up and can only help for a finite period.
“Our new Upstream 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 current economic uncertainty created by the double whammy of the world-wide pandemic and Brexit, banks are retrenching and continuing to take a conservative view on lending. We believe businesses throughout the island 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. We have ready access to funding and want to hear from commercial organisations whose growth ambitions are being hampered by short-term working capital issues.”
Upstream, which was established under Keys Commercial Finance, began supporting the Northern Irish SME space in 2011 with a highly experienced team – all of whom come from working capital lending backgrounds.
Upstream works closely with ambitious trading companies to understand what finance they require now and into the future, providing innovative solutions to deliver the necessary cashflow to fund growth as part of a business’ overall funding mix.
Judith Totten concludes:
“We are providing customers with working capital products that the other banks and funders simply don’t offer. We can fund the entire supply chain from supplier to buyer via our Trade Finance / Supply Chain products which have now been complemented by our new Recovery Stimulus Fund. Furthermore, size of facility is not a constraint as we have individual funding lines up to £2.5m and potentially well beyond in the case of merger / acquisition funding. Upstream is locally owned and managed. Therefore, we have a quick decision-making policy – with most decisions taking just 48hrs and cash being available a few days later.”
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