Microfinance Ireland Covid 19 scheme lending postponed due to unprecedented demand

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 unprecedent 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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