Microfinance Ireland Business Loans

Micro Finance Ireland 2

You can apply for an Microfinance Ireland (MFI) loan through Local Enterprise Office Dublin City and avail of a preferential interest rate

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.

    COVID-19 Business Loan

    Product Features

    • Loans of between €5,000 and €25,000
    • Supports businesses who have been impacted negatively by coronavirus in Ireland
    • Loan terms typically up to 3 years
    • 6 month interest free and repayment free moratorium on COVID-19 Eligible loans

    • New lower loan rate of 4.5%, 1% lower than the normal rate, when applied through LEO
    • Government rebate for the interest paid in the following 6 months (months 7-12 of your loan)
    • No fees/no hidden costs/charges
    • Fixed repayments/no penalty for early repayment

    Eligibility

    • Any business with less than 10 employees and annual turnover of up to €2 million
    • Not in a position to avail of finance for banks or other commercial lending providers
    • Businesses which been impacted by COVID19 resulting in a 15% or more reduction in turnover or profit.

    Download COVID-19 Business Loan Frequently Asked Questions

    How to Apply

    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 Advisor  for more information.

    Brexit Business Loan

    Product Features:

    • Loans from €5,000 – €25,000 and/or maximum customer credit exposure of €25,000
    • Loan Terms from 6 months to 3 years (shorter loan terms depending on purpose)
    • Interest rate of 4.5% APR if submitted through the Local Enterprise Office Network (5.5% APR for Direct applications)

    (Please note there is no interest or repayment holiday for these loans. Depending on the term of the loan, interest only repayments for 3 months may apply in line with our standard products.)

    Eligibility Criteria

    • 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 a Bank or commercial lending provider
    • Business turnover is or potentially could be impacted by a minimum of 15% OR the business has a short term cashflow need as a direct result of Brexit. 

    *While businesses involved in Alcohol Production are deemed to be an excluded sector for standard MFI Loans, they are eligible to apply for an MFI Brexit Loan.

    How to Apply

    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 Advisor  for more information.

    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.

    Other Loans