John Duggan and Padraig Nolan LoanITT Ltd
An innovative fintech start-up businesses, LoanITT Ltd will represent the Local Enterprise Office Kilkenny at the virtual judging of the National Enterprise Awards on Thursday 19th November.
Run by the 31 Local Enterprise Offices in the local authorities nationwide, the National Enterprise Awards are now in their 22nd year and provide an opportunity to recognise the achievements of small business.
LoanITT received the award in recognition of its rapid growth in development and innovation to transform the credit lending marketplace.
The Local Enterprise Office Kilkenny representative, LoanITT was founded by company directors John Duggan, originally from Tullahought, and Padraig Nolan, a native of County Limerick. Headquartered in MacDonagh Junction, Kilkenny, LoanITT provides car, agricultural and commercial finance through a digitalise credit application. The company has developed a platform that streamlines the application process and removes the need for documentation.
The Local Enterprise Office Kilkenny has supported the promoters since the beginning of their entrepreneurial journey. The company has received assistance in the form of both financial grant assistance and soft supports such as mentoring and participation in management development training. In 2019, the company won Best Idea Category in Ireland’s Best Young Entrepreneur competition at County Level and represent Kilkenny in the National Finals.
LoanITT has since to become Ireland’s largest financial credit intermediary in the markets they serve, with plans to have 40 people employed by the end of 2021. During the summer of 2020, LoanITT transferred to Enterprise Ireland as a High Potential Start Up and has secured €570,000 in investment through Enterprise Ireland and the Halo Business Angel Network south east based syndicate managed by the South East Business Innovation Centre.
The Chief Executive Officer, John Duggan said “the investment represents a firm seal of approval for Loanitt. Time is the most precious commodity; we give people back time. Furthermore, in these extraordinary times, there is a heightened sense of uncertainty among people with regard to the affordability of credit. Loanitt provides much-needed clarity around the credit application journey.”
Padraig Nolan, Chief Operations Officer added “the arc of growth that they experienced this year is set to continue into 2021, as they prepare to make in-roads in new markets. "Together, we are transforming the credit application process, which has typically been defined by protracted timelines and less flexible processes".
Local Enterprise Office Kilkenny, Head of Enterprise Fiona Deegan said; “The National Enterprise Awards is more than just awards. It was established over 20 years ago to celebrate the contribution that small businesses like Loanitt make to both the local and national economy in terms of employment generation, innovation and encouragement for others to consider self-employment as a career. The overall objective of the Awards is to showcase, encourage and support a culture of enterprise and entrepreneurship in Ireland.
Kilkenny has achieved national success at the awards in the recent past. In 2019 Mechanical Modular Solutions Ltd based in Castlecomer received the Best Export Award while in 2015 MyBio, founded by Linda Nolan received the overall National Enterprise Award. The National Enterprise Awards are one of a number of initiatives that the Local Enterprise Offices run, to foster entrepreneurship across the country.