Micro Finance Ireland

 

 MFI

 

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.

Microfinance Ireland’s COVID 19 Business Loan Fund has been highly successful since its inception in March. Over €15.65 million in loans has been approved to 581 Irish micro businesses, and a pipeline of further applications being processed which will require the remainder of the €20 million fund. A further 760 businesses have been supported through restructuring or deferral arrangements for existing customers.

MFI COVID19 Business Loans €5,000 - €25,000  Up to €25,000 available with Zero repayments and Zero Interest for first 6 months and the equivalent of an additional 6 months interest-free subject to certain terms and conditions*

The Covid 19 Business Loan from Microfinance Ireland (MFI) is a government funded initiative to support small businesses through the current challenges and protect job creation and sustainment in Ireland. The new Covid19 Business Loan Scheme is available for micro-enterprises that have been impacted by Covid-19 resulting in a reduction of 15% or more in turnover or profit, AND are unable to secure finance from banks and commerical lending providers.


COVID-19 Loans from MFI may be used for working capital and required business changes as a direct result of the coronavirus pandemic in Ireland.

Loan 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.

  •  Government rebate for the interest paid in the following 6 months (months 7-12 of your loan)

  •  Interest Rate after the first 6 months will be a reduced interest rate 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

*Terms & Conditions:

  1. The maximum loan amount is €25,000 for all applicants. Existing MFI customers can apply for up to €25,000 in addition to existing borrowings subject to a maximum credit exposure of €50,000.
  2. The Government rebate of the equivalent of 6 months interest will be refunded automatically, directly to the business bank account, in Month 13 of the loan period. This interest rebate will only be made if the full 6 repayments including interest have been made in the previous 6 months. No rebate is payable if this condition is not met.
  3. By exception, capital expenditure may be funded up to 5 years


Who can apply

Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m

Unable to secure finance from Bank and/or commercial provider and

The business has been impacted by COVID19 resulting in a 15% or more reduction in turnover or profit.

How to apply


 Click on COVID 19 Business Loan to register business details with Microfinance Ireland.
 MFI will email the business directly with the documents that are needed to make a loan application.
 Forward loan application along with supporting documentation either by post to Microfinance Ireland or email it to applications@microfinanceireland.ie
OR
 Submit your application through your Local Enterprise Office to avail of a 1% discount on the interest rate.


Please click here for Microfinance Covid19 Fund FAQs


E-mail or telephone your Local Enterprise Office to find out more.