MFI COVID 19 Business Loans
- Up to €50,000 available
UPDATE: The interest rate for loans has been reduced from 6.8% to 4.5% following the expansion of business supports in response to Covid-19 implications, announced by Minister for Business, Enterprise and Innovation, Heather Humphreys TD on Wednesday 8th April 2020*
The maximum loan available from Micro Finance Ireland has been increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that our clients are facing.
If you require help, we will work with you on your application to expediate the process.
If you require support with this please email localenterprise@kildarecoco.ie.
The COVID 19 Business Loan from Microfinance Ireland (MFI) is a government funded initiative to support small businesses through the current period of uncertainty and protect job creation/sustainment in Ireland
If any micro-enterprise is impacted or may be impacted negatively by COVID-19 resulting in a reduction of 15% or more in turnover or profit, AND they are having difficulty in accessing Bank finance, the MFI COVID-19 Business Loan may be an alternative funding solution for them.
Loan features
- Business Loans up to €50,000 for eligible micro-enterprises (Businesses with less than 10 employees and up to €2m annual turnover) that are currently trading
- Loans may be used for working capital and required business changes as a result of COVID 19
- Loan terms typically up to 3 years
- Interest only payments up to 6 months
- * Interest rate of 4.5% - Reduced from rate of 6.8%, following the expansion of business supports in response to Covid-19 implications, announced by Minister for Business, Enterprise and Innovation, Heather Humphreys TD on Wednesday 8th April 2020 (If submitted through Local Enterprise Office or referred by your Bank, if applied for directly with MFI, rate of 7.5% applies).
- No fees and/or hidden costs with fixed repayments with no penalty for early repayment
Note to Loan Features:
Capital expenditure, and in exceptional circumstances working capital loans, may be funded up to 5 years.
In addition, by exception, loans may be approved for extended interest-only period of more than 6 months.
Who can apply
- Any business** (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
- Not in a position to avail of Bank finance and
- A business is or may be impacted as a direct result of the coronavirus outbreak in Ireland resulting in a 15% or more reduction in turnover or profit.
Documents Required to apply
Application Form (using standard application form and fill in the amount required) [Note: A new COVID19 Application Form is currently being prepared which will include Self Declaration so this is just a temporary arrangement) |
Self-Declaration Form (applicant has to confirm that they meet all the eligibility criteria) |
COVID19 Business Plan |
Cashflow Forecast |
Business & Personal Bank Statements |
CCR |
In addition, for loans over €25K |
Aged List of Debtors |
Aged List of Trade Creditors and Preferential Creditors |
Application Process
- Same process as for all ‘standard’ MFI loans
- MFI will come back as quickly as possible with a decision
- Applications along with supporting documentation can be sent directly by post or email to info@microfinanceireland.ie
Existing MFI Loan Customers
For businesses with an existing loan with Microfinance Ireland and
the business is either currently impacted or may be impacted by
COVID 19, please contact MFI to discuss the situation so that we can
help them in getting your business back on track.
More information is available on:
https://microfinanceireland.ie/loan-packages/covid19/
