The Local Enterprise Office are helping new and existing businesses to apply for the Microfinance Ireland MFI Business Loan. A LEO executive will contact you to discuss your application. Note: Referral to MFI does not guarantee loan approval.
Microfinance Ireland (MFI) is a government funded initiative to support small businesses to protect job creation/sustainment in Ireland.
If any micro-enterprise is having difficulty in accessing Bank finance, the MFI Business Loan may be an alternative funding solution for them.
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
Please note: Applications are processed by Microfinance Ireland and use their lending criteria. The Local Enterprise Office does not influence or assist in the decision process and can not over turn a decision made by the Microfinance Ireland Committee.
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