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 €25,000 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
- UPDATED: Interest and repayment free for up to 6 months
- Interest rate of 4.5% if submitted through Local Enterprise Office Cork City (5.5% if you apply directly to MFI)
- 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 COVID -19 Application Forms
- 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 Eileen Doyle, Senior Enterprise Development Officer, for more information Email Now who will assist you with the process.
Frequently asked questions
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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 they can help.
If you have any queries in relation to the scheme please email: eileen_doyle@corkcity.ie or call (021) 4961828.
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 they can help.
