Vitz Drinks to secure funding boost through Linked Finance
10 February 2015
Vitz Drinks, who make the popular health drink VitHit, are adding a kid’s healthy soft drink to their line-up, using a crowd funding loan of €50,000 facilitated by Linked Finance.
The business, which sells its products in 10 markets, plan on investing the money to launch a new range of healthy children’s soft drinks, which will facilitate business growth, and potentially create additional employment.
Speaking about the loan, Ian O’Rourke, from Vitz Drinks, said: “I am in a position where I really want to expand the business, but I’ve continually met frustration in terms of sourcing finance from traditional sources. Using the crowd lending market from Linked Finance I will be able to get the investment, launch our new product and generate business growth. Crowd funding is a tremendous asset to SMEs across Ireland. They are efficient and extremely thorough but, most importantly, this means that an Irish SME will have the opportunity to grow.”
Founder of Linked Finance, Peter O’Mahony said that SMEs in Ireland are clearly now in growth mode and the economy needs these businesses to thrive as we recover fully. “A key part of that recovery is access to reliable credit on good terms and available quickly. While banks are the traditional source of funds, businesses need a quicker turnaround and easier process than what the banks usually offer. Peer-to-peer lending bridges that gap and brings the added advantage of creating a community of active investors in Ireland’s recovery.”
Responsible business borrowers are vetted as part of the Linked Finance registration process and can access cash-flow from a large pool of over 8,000 lenders and growing every day. These lenders can then in turn request and earn significant returns on their investment and engage with the businesses they invest in, both as customers and backers.