Microfinance Ireland

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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.

COVID19 Loan Business Loans: €5,000 - €50,000

If your business is a micro-enterprise which is impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing finance from commercial lending providers, the MFI COVID-19 Business Loan up to €50,000 may be able to support your business.

Discounted interest rate of 4.5% APR if your loan application is submitted through the Local Enterprise Office

Standard Loan Packages : €2,000 - €25,000

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

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.


To make a loan application, you will need to complete and submit a number of documents.
Contact us on leotraining@leo.galwaycoco.ie to speak to our Microfinance advisor.

MICROFINANCE LENDING TEMPORARILY PAUSED.

 

Microfinance Ireland’s COVID 19 Business Loan Fund has been highly successful since its inception in March. Over €15.65 million in loans has been approved to 581 Irish micro businesses, and a pipeline of further applications being processed which will require the remainder of the €20 million fund. A further 760 business have been supported through restructuring or deferral arrangements for existing customers.

 

Lending under the MFI COVID Scheme has supported 2000 jobs across the country. However, due to this un precedent demand, lending through this scheme has currently been paused as legislation is required to increase the funding of MFI which is currently at capacity. This legislation is currently undergoing scrutiny in the houses of the Oireachtas. Microfinance Ireland and the Department of Business, Enterprise and Innovation will work together to reopen this Loan Fund as soon as the relevant funding has been put in place through the appropriate channels.

 

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