Microfinance Ireland COVID 19 Business Loan

MFI COVID 19 Business Loan

NEW COVID-19 Business Loan Scheme - Business Loans from €5,000 to €25,000

Zero repayments for first 6 months and the equivalent of 12 months interest-free subject to certain terms and conditions*

The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current challenges and protect job creation and sustainment in Ireland.

If your business has been impacted by COVID-19 resulting in a reduction of 15% or more in turnover or profit, and you are unable to secure finance from banks and commercial lending providers, the MFI COVID-19 Business Loan may be an option to help your business.

Loans can be used for working capital or changes required by the business to manage COVID19. 


Product 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 of 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

*Terms & Conditions:

  1. The maximum loan amount is €25,000 for all applicants. Existing MFI customers can apply for up to €25,000, in addition to existing borrowings subject to a maximum credit exposure of €50,000.
  2. The Government rebate of the equivalent of 6 months interest will be refunded automatically, directly to your bank account, in Month 13 of the loan period. This interest rebate will only be made if the full 6 repayments including interest have been made in the previous 6 months. No interest rebate is payable if this condition is not met.
  3. By exception, capital expenditure may be funded up to 5 years.

Eligibility

  • Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m and was trading prior to the coronavirus pandemic in Ireland
  • Unable to secure finance from the Bank or commercial lending provider
  • The business has been impacted by COVID19 resulting in a 15% or more reduction in turnover or profit.

 Local Enterprise Office Kildare Support

  • Interest rate after the first 6 months will be: a reduced interest rate of 4.5% APR if submitted through Local Enterprise Office Kildare (5.5% APR if you apply directly)
  • We will also assign you a mentor to work with you on the application form 

How to Apply

For more information and details of how to apply, please visit the Microfinance Ireland website here >>

 

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