Pre-MFI COVID-19 Business Loan Application Advice

Date:
31/12/2020
 
Category:
Mentoring
 

The Local Enterprise Office are helping new and existing businesses to apply for the Microfinance Ireland MFI COVID-19 Business Loan. A LEO executive will contact you to discuss your application. Note: Referral to MFI does not guarantee loan approval.

Free
 
 

The COVID 19 Business Loan from Microfinance Ireland (MFI) is a government funded initiative to support small businesses through the current period of  uncertainty and protect job creation/sustainment in Ireland.  

If any micro-enterprise is impacted or may be impacted negatively by COVID-19 resulting in a reduction of 15% or more in turnover or profit, AND they are having difficulty in accessing Bank finance, the MFI COVID-19 Business Loan may be an alternative funding solution for them.

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 (LEO) Fingal
  • Loan terms typically up to 3 years
  • No fees or charges
  • Fixed repayments with no penalty for early repayment

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 COVID-19 resulting in a 15% or more reduction in turnover or profit.

Please note: Applications are processed by Microfinance Ireland and use their lending criteria. The Local Enterprise Office does not influence or assist in the decision process and can not over turn a decision made by the Microfinance Ireland Committee.