Microfinance Ireland

mfi logo

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.
MFI works with small businesses based in the Republic of Ireland, with fewer than 10 employees and turnover up to €2m, by providing unsecured business loans of €2,000 to €25,000 for commercially viable proposals. Loans can be used to fund start-up costs, working capital, purchase of stock, equipment, machinery, business expansion etc.
They consider applications from businesses who may have been declined facilities from other commercial providers
Whether your business is set up as a Sole Trader, Partnership or a Limited Company, you are eligible to apply. All business sectors are eligible to apply, with these exceptions.

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.

How to Apply?

Contact leotraining@leo.galwaycoco.ie to speak to our Microfinance advisor.

Please download the FAQ document for further information