Dereck F. Butler - CEO, Grid Finance

GRID Finance, supported by Enterprise Ireland as a High Potential Start Up, officially launched its new business in Dublin earlier in October. 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.

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 SMEs being refused, GRID Finance will endeavour to provide businesses with financing from their friends, families, neighbours and potential customers as well as the wider community.

Additionally GRID Finance will provide community organisations with an innovative platform for their fundraising activities.

A former chartered accountant and financial controller, Derek F. Butler will lead the company as CEO of GRID Finance.

“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” says Butler.

The firm, backed by Enterprise Ireland and private investors, will create ten new jobs and aims to introduce its first product to the market in less than two weeks.