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GRID Finance launches in Dublin

Written by Business World, on 8th Oct 2014. Posted in Financial

article headlineGRID Finance officially launched its new business in Dublin today. Led by entrepreneur Derek F. Butler and co-founder Sean O'Riordan, the company is set to provide alternative methods of financing to Irish businesses and community organisations. It is supported by Enterprise Ireland as a High Potential Start Up and investment from Enterprise Ireland and other private sources will see it create ten jobs and officially launch its first product in two weeks' time. Alternatives to bank lending, including community lending, were highlighted as a key source of finance for Irish businesses in the Department of Jobs, Enterprise and Innovation's 'Action Plan for Jobs 2014'. With half of all applications for credit to banks from SME's being refused, GRID Finance said it will endeavour to provide businesses with financing from their friends, families, neighbours and potential customers as well as the wider community. A former chartered accountant and financial controller, Derek F. Butler will lead the company as CEO of GRID Finance. He has worked for Goodbody Stockbrokers, Ernst and Young and PricewaterhouseCoopers. Following his time at PwC he worked for four years with aid agency GOAL, initially as Financial Controller in Uganda but then as Country Director in Haiti following the 2010 earthquake. He returned to Ireland in 2013, with an ambition to "build a global business out of Ireland". "We are extremely excited to launch this new venture. At GRID Finance our aim is to introduce new and innovative financial products that serve the needs of communities throughout Ireland. GRID Finance aim to champion small businesses and community organisations by helping them access funds, to make their next big project a reality. Businesses are looking for new ways to develop, and community financing is the next step in innovating the financial sector," Mr Butler said. Chief Operating Officer Sean O'Riordan shares Derek's significant experience in the financial sector, having worked for PricewaterhouseCoopers and KPMG in Dublin, London, Boston and New York. During his time with KPMG he also worked closely on the liquidation of IBRC. For more visit www.businessworld.ie

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