Pre-MFI Loan Application Advice

Date:
31/12/2018
 
Category:
Mentoring
 

The Local Enterprise Office are helping new and existing businesses to apply for the Microfinance Ireland loan application process. A LEO executive will contact you to discuss your application. Note: Referral to MFI does not guarantee loan approval. The December date is the final date of the programme. You will get a call within a week to arrange the actual appointment

Free
 
 

The Local Enterprise Office are helping new and existing businesses to apply for the Microfinance Ireland loan application process.

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
  • Businesses from all sectors eligible to apply
  • 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
  • Who can apply?

Businesses with fewer than 10 employees and an annual turnover of less than €2m

  • Sole Traders, Partnerships and Limited Companies
  • The business must have been declined credit or sufficient credit from their bank
  • The business must be commercially viable with loan repayment capacity
  • The business must have an up to date Tax Clearance Certificate

Need help with the process?

Local Enterprise Office - Fingal can arrange meeting for you with a Finance Mentor to help assist you:

  • Complete the Application form
  • With Business Advice
  • Your Business Plan
  • Submiting your application to MicroFinance Ireland

Microfinance Ireland is a not for profit lender established to deliver the Government’s Microfinance Loan Fund Scheme as part of the Action Plan for Jobs. The objective of Microfinance Ireland is to provide additional lending to start-up and existing SMEs with a viable business that have been declined credit by their banks.

Microfinance Ireland works in partnership with the Local Enterprise Offices (LEOs). LEOs provide helpful assistance with the microfinance loan application process and also assist businesses with training and guidance in preparing business plans along with mentoring support to help sustain the business and initial evaluation of the quality of business proposals for a loan application.

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.

 

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