Microfinance Ireland

MFI

 

Microfinance Brexit Loan

Microfinance Ireland have launched their Brexit Loan to help businesses meet the challenges of Brexit.

Product Features:

  • Loans from €5,000 to €25,000
  • Loan terms from 6 months to 3 years (shorter loan terms depending on purpose)
  • Interest rate of 4.5% APR if submitted through the Local Enterprise Office
(Please note there is no interest or repayment holiday for these loans.  Depending on the term of the loan, interest only repayments for 3 months may apply in line with standard products).

Eligibility Criteria:

  • 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 a Bank or commercial lending provider
  • Business turnover is or potentially could be impacted by a minimum of 15% OR the business has a short term cashflow need as a direct result of Brexit.
*While businesses involved in Alcohol Production are deemed to be an excluded sector for standard MFI Loans, they are eligible to apply for an MFI Brexit Loan.

Further information is available on the MFI website at: https://microfinanceireland.ie/loan-packages-2/brexit/

Standard Microfinance Ireland Loan

Microfinance Ireland (MFI), is a not-for-profit lender, established to deliver the Government’s Microenterprise Loan Fund.

MFI works very closely with the Local Enterprise Offices (LEOs), providing loans to small businesses. Helping to create and sustain employment by providing loans to small businesses is at the heart of what they do.

MFI works with small businesses based in the Republic of Ireland, with fewer than 10 employees and turnover up to €2m, by providing unsecured business loans of €2,000 to €25,000 for commercially viable proposals. Loans can be used to fund start-up costs, working capital, purchase of stock, equipment, machinery, business expansion etc.

They consider applications from businesses who may have been declined facilities from other commercial providers

Whether your business is set up as a Sole Trader, Partnership or a Limited Company, you are eligible to apply. All business sectors are eligible to apply, with these exceptions 

You can apply for an MFI loan through your Local Enterprise Office and avail of a 1% discount off the standard interest rate (currently 7.8% APR) bringing the rate to 6.8% APR.

Once a customer has been approved a loan with MFI, mentoring support will be provided with a mentor from the LEO Mentor Panel.  Mentoring is a critically important non-financial learning and support tool, helping business develop and grow. 

For more information, please contact our office on 049-4377200.