Microfinance Ireland (MFI) Loans in partnership with the Local Enterprise Office Network
Business loans are available from €5,000 up to €25,000. If you need funding for your business and you are unable to secure finance from a bank, MFI may be able to help you.
Watch this Informational video: HERE
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Start Up Loans
- Start Up Loan
- Small Loan
- Start Up Loan: If you are setting up a business or are in operation for less than 18 months, our start up loan is available to help you get your business up and running. If you are a Sole Trader, setting up a Partnership or a Limited Company from any business sector, you are eligible to apply. There are no fees or hidden charges on start up loans from Microfinance Ireland. Fixed repayments gives you peace of mind and lets you plan your finance commitments during the important early stage of your business.
Product Features
- New lower rate of 5.5% APR (Reduced interest rate of 4.5% APR if your application is submitted through our Local Enterprise Office).
- Loans from €5,000 – €25,000
- Supports the set-up and early stage phase of a new business up to 18 months
- 3 year max term
- First 3 months – Interest Only payments
- No fees/no hidden costs /fixed repayments
- Free Mentoring – up to 5 sessions. More info: Start Up Loan.
2. Small Loan: If you need a small loan for your existing business or start up, our small loan is available to help you. If you are a Sole Trader, a Partnership or a Limited Company from any business sector, you are eligible to apply. There are no fees or hidden charges on existing small loans from Microfinance Ireland. Fixed repayments gives you peace of mind and lets you plan your finance commitments during the important early stage of your business.
Product Features:
- New lower rate of 5.5% APR (Reduced interest rate of 4.5% APR if your application is submitted through our Local Enterprise Office).
- Loans from €2,000 – €5,000 with up to 3 year max term
- Simpler documentation requirements
- No fees/no hidden costs /fixed repayments
- Credit decision is final – no credit appeal. More info: Small Loan
Established Business Loans
Cashflow Loan
Expansion Loan
Covid 19 Loan
Brexit Business Loan
Cashflow Loan:
Most businesses require a loan at some stage whether it is to fund the day to day running of the business or to ease cashflow. If you are a Sole Trader, a Partnership or a Limited Company from any sector and in operation for more than 18 months, you are eligible to apply. There are no fees or hidden charges on Cashflow Loans from Microfinance Ireland. Fixed repayments gives you peace of mind and lets you focus on managing your business.
Product Features
- New lower rate of 5.5% APR (Reduced interest rate of 4.5% APR if your application is submitted through our Local Enterprise Office).
- Loans from €5,000 – €25,000
- Supports cash flow and the day to day running of your business
- No fees/no hidden costs/fixed repayments
- Established Business in operation > 18 months
- Free Mentoring – where deemed appropriate
- 3 year max term. More info: Cashflow Loan.
- Expansion Loan: If you are a Sole Trader, a Partnership or a Limited Company from any sector and in operation for more than 18 months, you are eligible to apply. There are no fees or hidden charges on Expansion Loans from Microfinance Ireland. Fixed repayments gives you peace of mind and lets you focus on managing your business.
Product Features:
- New lower rate of 5.5% APR (Reduced interest rate of 4.5% APR if your application is submitted through our Local Enterprise Office).
- Loans from €5,000 – €25,000
- Supports your longer term plans for your business
- No fees/no hidden costs/fixed repayments
- Established Business in operation > 18 months
- Free Mentoring – where deemed appropriate
- 5 year max term. More info: Expansion Loan
Covid 19 Loan: The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current challenges and protect job creation and sustainment in Ireland. If your business has been impacted by COVID-19 resulting in a reduction of 15% or more in turnover or profit, and you are unable to secure finance from banks and commercial lending providers, the MFI COVID-19 Business Loan may be an option to help your business. Loans can be used for working capital or changes required by the business to manage COVID19.
Product Features
- Business Loans from €5,000 to €25,000
- First 6 months – 0% interest and zero repayments
- Repayments will commence in month 7 for the remaining period of your loan.
- Interest rate after the first 6 months will be: a reduced interest rate of 4.5% APR if submitted through the Local Enterprise Office Network (or other referral partners) or 5.5% APR if you apply directly
- Loan terms typically up to 3 years
- No fees or charges
- Fixed repayments with no penalty for early repayment. More info: Covid 19 Loan
Brexit Business Loan:
The Brexit Business Loan from Microfinance Ireland is available to support small businesses through the current Brexit challenges and protect job creation and sustainment in Ireland. If your business turnover is currently or potentially could be impacted by Brexit by a minimum of 15%, or your business has a short-term cashflow requirement and you are unable to secure finance from banks and commercial lending providers, the MFI Brexit Business Loan may be an option to help your business. Loans may be used for short-term working capital and/or required business changes as a result of Brexit.
Product Features
- Loans from €5,000 – €25,000*
- Loan Terms from 6 months to 3 years** (shorter terms depending on purpose)
- Interest rate of 4.5% APR if submitted through the Local Enterprise Office Network or other referral partners or 5.5% APR if you apply directly
- No fees/charges or any hidden costs
- Fixed repayments with no penalty for early repayment
* Maximum credit exposure for all MFI borrowings is €25,000 **Depending on the term of the loan, interest only repayments for 3 months may apply in line with our standard products. More info here: Brexit Business Loan
For details of all Loan Packages: https://microfinanceireland.ie/
