HE was the man who launched Dublin’s Laughter Lounge comedy club, but Peter O’Mahony is finding nothing funny about Irish banks’ refusal to lend money.
So the entrepreneur is about to introduce Crowdfunding to Ireland following its success in the US and Britain.
“Basically, it’s where ordinary people with a bit of spare cash lend small amounts to a business they know or like,” says Mr O’Mahony. “It allows that business to expand and gives people the satisfaction of having an interest as well as getting a good return on their investment.”
Crowdfunding allows people to take small amounts from a range of investors through Mr O’Mahony’s new company, Linked Finance. Basically, it holds online auctions that allow people to register their interest, pledge the amount of money they want to lend and the rate of interest they expect in return.
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