COVID-19 Business Loan

COVID-19 Business Loan

The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current period of uncertainty and protect job creation or sustainment in Ireland.

If your business is impacted or may be impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing  finance from commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business.

In addition, Local Enterprise Offices in every county will be providing vouchers from €2,500 up to €10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity.

Product Features

  • Loans from €5,000 – €50,000
  • Supports businesses who have been impacted negatively by coronovirus in Ireland
  • Loan terms typically up to 3 years
  • Up to 6 months Interest only payments
  • No fees/no hidden costs/charges
  • Fixed repayments/no penalty for early repayment 

Eligibility

  • 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 finance from Banks and other commercial lending providers
  • 15% of actual or projected turnover or profit is negatively impacted by COVID-19
 

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