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
Watch for Tips: HERE
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 which will increase to 6.5% for applications received after 30th April 2023). A reduced interest rate of 4.5% APR if your application is submitted through our Local Enterprise Office, which will increase to 5.5% for applications received after the 30th April 2023.
- 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
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
2. 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
- 6.5% APR- Lower rate of 5.5% APR if you apply via 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
Mentoring
Once your Cashflow loan is approved, we may also provide you with mentoring support from an experienced business mentor on the Local Enterprise Office (LEO) Mentor Panel, if we decide it is appropriate. Mentoring is a vital extra support tool to help you grow and develop your business.
Flood Relief / Extreme Weather Event Loan
If your business has been impacted by the recent extreme weather events you may be eligible for a loan from Microfinance Ireland. To be eligible to apply you must fulfil the following criteria;
- Your business has fewer than 10 full time employees over the last 3 years
- Your business has an annual turnover of less than €2,000,000
- Your business has experienced difficulty in securing a loan from the banks
- Your business has suffered damage due to the recent floods and extreme weather events
Sole Traders, Limited Companies or Partnerships are eligible to apply.
There are no fees or hidden charges on any loans from Microfinance Ireland. Fixed repayments give you peace of mind and lets you plan your finance commitments.
Product Features:
- Fixed interest rate of 5.5% APR
- Loans from €2,000 to €25,000
- 5 year maximum term
- Up to 6 months full repayment moratorium – full principal and interest payments commence at the end of the agreed repayment moratorium period
- No fees / no hidden costs
- You may be eligible for free mentoring if deemed appropriate
- See Terms & Conditions and Exclusions
For details of all Loan Packages: https://microfinanceireland.ie/
