Microfinance Ireland

MFI

 

MFI COVID 19 Business Loans - Up to €50,000 available

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 6.8% if submitted through Local Enterprise Office or referred by your Bank and 7.8% if you apply to us directly
  • 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

  • Please contact Local Enterprise Office Cavan on 049-4377200 or email localenterprise@cavancoco.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/


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.

 

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