Under a partnership between Microfinance Ireland (www.microfinanceireland.ie) and the Local Enterprise Offices (LEOs) across Ireland, business loans are now available through Local Enterprise Office Dún Laoghaire-Rathdown.
Details of the loans available:
- Loans from €2,000 up to €25,000
- Loan terms from 3 up to 5 years
- Fixed monthly repayments
- Interest Rate 6.8% APR * fixed when applying through LEO (* effective from 1st July 2016)
Sole Traders, Partnerships and Limited Companies with fewer than 10 employees and an annual turnover of less than €2m are eligible to apply. See the full list of restricted sectors MFI does not support.
Loans may be used for working capital, marketing costs and to fund the set-up of business, the purchase of stock, equipment, machinery and business vehicles. You can calculate repayments for a MFI Loan here.
Applying for a Microfinance Ireland loans via LEO DLR
- For loan values between €5,000 and €25,000
- Once you have checked your eligiblity to apply, complete a Microfinance Ireland Application Form and email to firstname.lastname@example.org
- 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.
- Our business mentor will conduct a review of the submission and passed their assessment to our LEO
- Our LEO will forward the submission, together with the mentor's assessment, to Microfinance Ireland for review
- Microfinance Ireland will communicate their decision on the loan application to the applicant and to LEO DLR
- For loan values under €5,000 (please note: you can only apply for these loans through the Local Enterprise Office)
1. This is a simpler process with shorter application form, business plan and income and expenditure statement required.
2. Applications for loans of under €5,000 must be sent to email@example.com. A LEO mentor will not be assigned in such cases.
3. Applicants must also provide:
- 6 months personal bank account statements
- ICB Report
If you would like further details call us or email us with your query.
All loans are provided and underwritten by our partner organisation Microfinance Ireland and application may be made through our LEO office and will be in the first instance will be assessed locally. Microfinance Ireland was established by the Government to provide additional lending to start-up and existing micro enterprises. The final decision for all loan applications is made by Microfinance Ireland. Loans are repayable to Microfinance Ireland according to the terms and conditions set out by Microfinance Ireland.