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Micro Finance Ireland

 

 MFI

 

Microfinance Ireland (MFI) Loans in partnership with the Local Enterprise Office Network

Business loans available from €5,000 up to €25,000 with zero repayments and zero Interest for first 6 months.

Features & Benefits

  • Reduced interest rate of 4.5%APR if submitted through the Local Enterprise Office Network. (5.5% 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 €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.
  • Loan terms from 1 - 5 years
  • No fees or charges
  • Fixed repayments with no penalty for early repayment

Apply directly to your Local Enterprise Office to avail of the discounted interest rate

Click here to apply directly to your LEO: https://info.microfinanceireland.ie/local_enterprise_office_reg

What happens next:

  • MFI will email the business directly with the documents that are needed to make a loan application.
  • Forward loan application along with supporting documentation to your Local Enterprise Office to avail of a 1% discount on the interest rate.
  • Alternatively, you can submit your application directly to Microfinance Ireland by post or email applications@microfinanceireland.ie – however you won’t receive the 1% Interest Rate discount if you submit your application directly to Microfinance Ireland.

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

About Microfinance Ireland

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. They also offer emergency loans for businesses impacted by COVID -19 and Brexit. You can view all their loans offers here https://microfinanceireland.ie/loan-packages-july-21/

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


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 the business 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 rebate is payable if this condition is not met.
  3. By exception, capital expenditure may be funded up to 5 years