Microfinance loans

What is Microfinance Ireland ?

Microfinance Ireland has been funded by the Irish Government to provide loans to newly established and growing microenterprises (turnover less than €2m; & staff of less than 10) across all industry sectors that do not meet the conventional risk criteria applied by banks. It is a non-for-profit lender.

Microfinance Ireland works in partnership with the Local Enterprise Offices.

How can my business avail of MFI lending?

If you have a commercially viable business proposal and you have difficulty accessing finance you may be eligible to apply for a loan.

Details of the loans available include:

  • Maximum loan is €25,000
  • Loan terms from 3 to 5 years
  • Fixed interest rate for Local Enterprise office clients  - 6.8% APR

The loans are provided and underwritten by Microfinance Ireland and application may be made through LEO Cavan and will be in the first instance assessed locally.  The final decision for all loan applications is made by Microfinance Ireland. Loans are repayable to Microfinance Ireland according to the terms and conditions set out by Microfinance Ireland.  To calculate monthly repayment see MFI's Loan Calculator.

Loans may be used to fund the start-up of  a business, the purchase of stock, equipment, machinery and business vehicles and are also available to existing enterprises.  Some exceptions apply, please read here to find out more.

In the event that you wish to proceed with an application, LEO Cavan can assist. In the first instance you will be requested to:

-  complete and submit to LEO Cavan the latest version of MFI application form downloadable from their website www.microfinanceireland.ie 

-  submit business plan, financial and cash-flow projections and other required documentation as outline on the website. 

LEO Cavan will then review your application and discuss other required documentation prior to submission to Microfinance Ireland who will assess the proposition and contact you directly.  Where a client loan is approved LEO Cavan may be in a position to offer mentoring to the client.

Please give LEO Cavan a call on 049 4377200 if you wish to discuss a potential application.  

For further information on eligibility including answers to frequently asked questions see - www.microfinanceireland.ie  

 

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