Capitalflow has announced that it will provide €300m (£269m) worth of funding to Irish small and medium enterprises (SMEs), according to news reports.

The Dublin-based lender said the €300m fund will provide asset finance, invoice finance, and asset-based lending, and has provided €50m of funding to more than 230 Irish SMEs over the past six months, backed by private equity firm Pollen Street Capital.

The plans form part of Capitalflow’s aims to increase its workforce and share in the Irish market over the next two years.

Harry Parkinson, chief executive of Capitalflow, told The Irish Times that the fund would provide greater funding options for SMEs, which account for 99.7% of businesses in Ireland, according to Ireland’s Central Statistics Office (CSO).

Parkinson said: “In the past Irish businesses were very dependent on traditional banks for finance but this has changed as new and more flexible options are introduced on the market.

“With a growing economy and a pro-business environment, the need to provide support and financial options to the SME sector has never been more relevant.”

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Ronan Horgan, managing director of Capitalflow, agreed, telling The Irish Times that certain sectors were particularly in need of finance.

Horgan said: “We see particular demand across the construction, transport, manufacturing and tourism sectors which are key industries for employment and business growth in this country.”