Microfinance Ireland

Micro Finance Ireland 2

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 (LEO's), 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. Additional supports were announced as part of the Government's response to the Covid-19 pandemic.

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 Network (or other referral partners) or 5.5% APR if you apply directly

  • Loan terms typically up to 3 years

  • No fees or charges

  • Fixed repayments with no penalty for early repayment

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: http://www.microfinanceireland.ie/exclusions/

You can apply for an MFI loan through your Local Enterprise Office and avail of a 1% discount off the standard interest rate (currently 5.5% APR) bringing the rate to 4.5% APR. These special rates apply for businesses impacted by the COVID 19 pandemic. An additional concession during this period is that there are no repayments and no interest rate for the first 6 months.  

Calculate your monthly repayments using MFI’s Loan Calculator http://www.microfinanceireland.ie/apply-now/loan-calculator/

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 Business Advisor or click here  https://www.microfinanceireland.ie/application-documents/ for more information.

We recommend that you complete a mentor form to help you complete your application and you can avail of the reduced interest rate that applies to LEO clients.

 

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