Microfinance

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Microfinance Ireland (MFI), is a not-for-profit lender, established to deliver the Government’s Microenterprise Loan Fund. 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 business proposals. Loans can be used to fund start-up costs, working capital, purchase of stock, equipment, machinery, business expansion etc.

They consider applications from any small business (Sole Trader, Partnership or a Limited Company) who may be having difficulties in getting access to finance from other commercial providers.

All sectors are eligible to apply, with these exceptions


COVID19 Loan Business Loans: €5,000 - €25,000

If your business is a micro-enterprise which is impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing finance from commercial lending providers, the MFI COVID-19 Business Loan up to €50,000 may be able to support your business.

Discounted interest rate of 4.5% APR if your loan application is submitted through the Local Enterprise Office
To arrange to speak to a LEO advisor about your Covid 19 loan application, click here or email us directly at mentoring@leo.louthcoco.ie

Click here to link to COVID19 Business Loan FAQ's


New Brexit  Business Loans: €5,000 - €25,000

If your turnover has dropped or is likely to drop by 15% or more due to Britain's departure from the EU, or if you have a short term cashflow need due to Brexit you may be eligible for a Brexit Business loan package of between €5000 and €25000.

Discounted interest rate of 4.5% APR if your loan application is submitted through the Local Enterprise Office.

To arrange to speak to a LEO advisor to work on your MFI Brexit loan application, click here or email us directly at mentoring@leo.louthcoco.ie


Standard Loan Packages : €2,000 - €25,000

You can apply for a standard MFI loan through your Local Enterprise Office and avail of a 1% discount off the standard interest rate (currently 7.8% APR) bringing the rate to 6.8% APR.

Once a customer has been approved a loan with MFI, mentoring support will be provided with a mentor from the LEO Mentor Panel. Mentoring is a critically important non-financial learning and support tool, helping business develop and grow.
To arrange to speak to a LEO Advisor about your application, click here or email us directly at mentoring@leo.louthcoco.ie


eSPSV Business Loans for Taxi, Hackney & Limousines : €5,000 - €25,000

eSPSV Business Loan is available to support small business owners with a Small Public Service Vehicle (SPSV - E.G Taxis, Hackneys and Limousines) that are unable to secure finance from Banks and Asset Finance providers and are availing of the government’s eSPSV Grant Scheme to replace their vehicle with a more sustainable model (electric/hybrid)
These business loans may only be used by SPSV registered owner(s) for the purchase/replacement of their vehicles that have already been approved grant funding under the eSPSV Grant Scheme 2021 administered by the National Transport Authority and are unable to secure finance from Banks and other commercial lending providers. Fixed 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

For more information on this loan, click here

To arrange to speak to a LEO Advisor about the eSPSV business loan, click here or email us directly at mentoring@leo.louthcoco.ie


To make a loan application to Microfinance Ireland, you will need to complete and submit a number of documents as part of the application process. Your Local Enterprise Office can provide valuable help and support to you in preparing your application.