Microfinance Ireland (MFI) Loans in partnership with the Local Enterprise Office Network
Business loans available from €2,000 up to €25,000.
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. Microfinance Ireland have a range of loan offers available to help businesses Start-Up, grow and expand. You can view all their loans offers here
Mentoring support to help prepare an application to Microfinance Ireland is available with a mentor from the LEO Mentor Panel. To find out more then please contact LEO Laois on 057-8661800.
Features & Benefits
- Reduced interest rate of 5.5%APR if submitted through the Local Enterprise Office Network (6.5% APR applies if you submit your application directly to Microfinance Ireland,
- Access to business supports, advice and mentoring if applied through the Local Enterprise Office Network
- Business Loan amounts from €2,000 to €25,000
- Loan terms from 1 - 5 years
- No fees or charges
- Fixed repayments with no penalty for early repayment
Who can apply?
- Any business (Sole Trader, Partnership or Limited Company) based in Ireland with less than 10 employees and annual turnover of up to €2m
- Unable to secure finance from Bank and/or commercial provider
Terms & Conditions
1. The maximum loan amount is €25,000 for all applicants
2. MFI loans are generally paid over a 3 or 4 year period, capital expenditure may be funded up to 5 years
3. There are no fees or penalties for paying the loan off early.
4. You must have less than 10 full time employees
5. If your business is trading already, you must have less than €2M in revenue in your previous year of trading.
