Microfinance Ireland (MFI) is a not for profit lender established to deliver the Irish Government’s Microenterprise Loan Fund as part of the Action Plan for Jobs initiative.

Microfinance Ireland works closely with the Local Enterprise Offices to promote the availability of funding to small businesses and to maximize the impact and reach of the organization. Business Loans from Microfinance Ireland are available through your Local Enterprise Office.

The objective of Microfinance Ireland is to provide financial assistance to micro-enterprises and self-employed entrepreneurs who have been unable to secure funding elsewhere. Unlike some of the other financial supports available, most business sectors are eligible to apply. Companies may be Sole Traders, Partnerships and Limited Companies with fewer than 10 employees and an annual turnover of less than €2m.

Businesses can benefit from Microfinance Ireland by applying for an unsecured loan of between €2,000 and €25,000 through the Local Enterprise Office Carlow with a reduced rate of interest of 7.5% (7.8% APR) for LEO clients and a flexible repayment terms as well as advice and support during the application stage. The loans available can be used to fund the start-up of a business, as well as items such as equipment, hiring new employees and marketing campaigns and loans are also available to existing businesses.

Since its introduction in October 2012, more than 1,000 jobs have been supported by Microfinance Ireland through the approval of loans worth more than €7.8m in approved lending to 729 micro-enterprises.

Speaking about Microfinance Ireland, Kieran Comerford from the Local Enterprise Office Carlow said: “Supporting start-up and existing enterprises is at the heart of what we do at the Local Enterprise Office, Microfinance Ireland has made a significant difference to hundreds of companies and has helped support thousands of jobs; I urge everyone with a business idea to go to their Local Enterprise Office for advice, mentoring and information on government supports available to get their businesses off the ground.”

Here’s what Kevin Maher from Tiger Security, Tullow, Co. Carlow has to say about his experience with Microfinance Ireland:

If you would like to make an application for a Microfinance Loan please contact the Local Enterprise Office Carlow on 059-9129783 or Email: enterprise@carlowcoco.ie

To find out more details on Microfinance Ireland Loans, log on to www.microfinanceireland.ie