Microfinance Ireland

Micro Finance Ireland 2

You can apply for an MFI loan through Local Enterprise Office Dublin City and avail of a preferential rate of 6.8% APR (1% discount off the standard interest rate currently 7.8% APR) 

Eligibility

  • Based in the Dublin City area i.e. Dublin 1-13, 17 & 20. 
  • Less than 10 employees
  • Turnover up to €2million
  • Business set up as a Sole Trader, Partnership or a Limited Company
  • All business sectors can apply

Restricted/Unsupported sectors

  • Casinos
  • Illegal economic activities
  • IT Sector related to illegal economic activities
  • Life Sciences related to human cloning and genetically modified organisms
  • Production of and trade in weapons & ammunition
  • Tobacco & distilled alcoholic beverages inclusive of beer. This restriction does not apply to retail outlets.

Loan Value

Unsecured business loans of €2,000 to €25,000 for commercially viable proposals

MFI consider applications from businesses who may have been declined facilities from other commercial providers

Loan Purpose

Start-up costs, working capital, purchase of stock, equipment, machinery, business expansion etc. - helping to create and sustain employment.

Application

  1. Book pre MFI loan application advice here

  2. 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  for more information.

  3. Irrespective of which grant you apply for you also need to submit:
  • 6 months bank statements (both personal and business if available)
  • Management accounts (existing businesses only)
  • Credit report: MFI conduct a credit search directly for the Central Credit Register. Where the borrower is a limited company, a personal credit report for all Directors and/or Shareholders with a 25% or more shareholding in the business must be obtained from the CCR and submitted with the application. Further details

€2,000 - €5,000 Small Loan Applications

€2,000 to €5,000 small loan application form

€5,000 - €25,000 Loan Applications

€5,000 - €25,000 loan application form

Business Plan Template

Cashflow Forecast Template

Post Loan Approval Mentoring

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.

 

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