Microfinance Ireland - COVID 19 Small Business Loans

First 6 months – Interest & Repayment Free

New low rate of 4.5% through the Local Enterprise Offices

The COVID-19 Business Loan from Microfinance Ireland (MFI), in partnership with Local Enterprise Offices, is a Government-funded initiative to support small businesses through the current period of uncertainty.

It’s designed for micro-enterprises that are a) having difficulty accessing Bank finance and b) impacted, or may be impacted negatively, by COVID-19 resulting in a reduction of 15% or more in turnover or profit.

Loan Features

  • Business Loans of up to €50,000 are available for eligible micro-enterprises (ie businesses with less than 10 employees and up to €2m annual turnover) that are currently trading
  • Loans may be used for working capital and required business changes as a result of COVID-19
  • Loan terms are typically up to 3 years
  • 6 months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period.
  • New low interest rate of 4.5% if submitted through Local Enterprise Office or referred by your Bank and 5.5% if you apply to Microfinance Ireland directly
  • No fees or hidden costs with fixed repayments. No penalty for early repayment

Capital expenditure, and in exceptional circumstances working capital loans, may be funded up to 5 years

Here’s a link to Frequently Asked Questions about the Loan

E-mail or telephone your Local Enterprise Office to find out more