If you employ less than 10 people and you are having difficulty in accessing Bank finance, the MFI COVID-19 Business Loan may be an alternative funding solution for you.
Loan Features
- Business Loans from €5,000 to €25,000
- First 6 months - 0% interest and zero repayments
- Repayments will commence in month 7 for the remaining period of your loan.
- Government rebate for the interest paid in the following 6 months (months 7-12 of your loan)
- Interest Rate after the first 6 months will be a reduced interest rate 5.5% APR if submitted through the Local Enterprise Office (LEO) Fingal
- Loan terms typically up to 3 years
- No fees or charges
- Fixed repayments with no penalty for early repayment
Who Can Apply?
- Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
- Unable to secure finance from Bank and/or commercial provider and
- The business has been impacted by COVID-19 resulting in a 15% or more reduction in turnover or profit.
How to Apply?
Register your interest for an MFI COVID-19 Business Loan and a LEO Business Advisor will contact you to begin the process.
N.B.
The standard interest rate for Loans will increase from 5.5% to 6.5% for applications received after 30th April 2023. The LEO rate will increase from 4.5% to 5.5% for applications received after 30th April 2023
Please download the FAQ document for further information
