South East BIC Client LoanITT Ltd wins top County Enterprise Award announcement made during Local Enterprise Week

A fintech business from Kilkenny City is this year’s winner of the County Enterprise Award for 2020, Local Enterprise Office Kilkenny has announced.

loanit

LoanITT Ltd was presented with their award Friday 6th March at the Strategic Policy Committee for Economic Development, Enterprise Support and Tourism, Planning and Development at Kilkenny County Council as part of a very successful Local Enterprise Week programme of events. They will now represent Local Enterprise Office Kilkenny at the 22nd National Enterprise Awards in the Mansion House in Dublin next May.

LoanITT Ltd is an innovative new financial technology business which helps customers optimise their choice by creating a credit marketplace. Customers can log onto the LoanITT platform via the web or a mobile app and submit one credit application, which will then be sent to all lenders, returning the different rates that banks are willing to offer that customer. LoanITT Ltd has taken advantage of changes in European Regulations thus allowing them to become an innovative new open banking solution and technology provider to the financial lending market.

The company was founded by John Duggan, originally from Tullahought in County Kilkenny and his colleague Padraig Nolan, originally from Limerick. Both hold a MSC in Computational Finance and have a vast array of managerial experience in the financial sector; including risk & consumer credit, portfolio credit risk management and foreign exchange trading.

Speaking during Local Enterprise Week Fiona Deegan, Head of Enterprise with Local Enterprise Office Kilkenny said: “For the last two decades, the National Enterprise Awards have celebrated homegrown success stories from every corner of Ireland, putting their achievements into the national spotlight. And at the 2020 National Enterprise Awards, we are delighted to be represented by LoanITT Ltd, yet another homegrown success story. We wish them continued success with their job creation/company expansion plans.”

Since their inception the Local Enterprise Office Kilkenny has supported their initial growth and development in the form of both financial grant assistance and soft supports. The company has received €7,000 in the form of an investment fund as part of winning the County Final of the Best Idea Category in Ireland’s Best Young Entrepreneur competition. The company has also been approved €89,164 in the form of priming grants towards third party consultancy costs and salary contribution towards recruitment of new employees. The company has also availed of supports such as mentoring and participated in management development training.

John Duggan, co-founder of LoanITT Ltd along with members of the team were presented with the Award by Cllr Ger Frisby, Chairperson of the Strategic Policy Committee for Economic Development, Enterprise Support and Tourism, Planning and Development Policy. Loanitt Ltd will now be competing against 30 other finalists from every local authority area for a share of the €40,000 prize fund as national judging gets underway in April. Categories this year include ‘Best Export Business,’ ‘Future Focus’ and ‘Innovation,’ in addition to eight regional awards.

Companies from County Kilkenny have enjoyed success in the National Enterprise Awards in the past. Last year, Mechanical Modular Solutions Ltd based in Castlecomer received the Best Export Award, while in 2015 MyBio Ltd clinched the overall National Enterprise Award.

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