Microfinance Loans

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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.

Calculate your monthly repayments using MFI’s Loan Calculator

To make a loan application, you will need to complete and submit a number of documents as part of the application process. Talk to your LEO Business Advisor or click here for more information.



Applying for a Microfinance Ireland loans via LEO DLR

 

  1. Complete a Microfinance Ireland Application Form and email to contact@leo.dlrcoco.ie
  2. On receipt of the Application Form, our LEO will assign one its business mentors to assist you with the completion of your submission to Microfinance Ireland. LEO DLR does not apply a fee for the first 3 hours mentoring services when it is offered in support of a submission to Microfinance Ireland. If more than 3 hours mentoring is required in order to get your application ready for submission then a fee of €25 per hour will apply. This fee will need to be paid in advance and LEO DLR will send you a payment link on request of additional hours.
  3. Our business mentor will conduct a review of the submission and passed their assessment to our LEO
  4. Our LEO will forward the submission, together with the mentor's assessment, to Microfinance Ireland for review 
  5. Microfinance Ireland will communicate their decision on the loan application to the applicant and to LEO DLR

 

If you would like further details call us or email us with your query.

 

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