Microfinance Ireland

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MFI Covid-19 Business Loans - up to €50,000 Available

Important Update (9/4/2020): The APR for the MFI Covid-19 Business Loan has been reduced to 4.5% for applications made through your LEO office

The Covid 19 Business Loan from Microfinance Ireland (MFI) is a government funded initiative to support small businesses through the current period of uncertainty and protect job creation/sustainment in Ireland

If, as a microenterprise, you are impacted or may be impacted negatively by Covid-19, resulting in a reduction of 15% or more in turnover or profit, AND you are having difficulty in accessing bank finance, the MFI Covid-19 Business Loan may be an alternative funding solution for you

Loan Features

  • Business loans up to €50,000 for eligible micro-enterprises (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 typically up to 3 years
  • Interest only payments up to 6 months
  • Interest rate of 4.5% if submitted through Local Enterprise Office
  • No fees or hidden costs with fixed repayments with no penalty for early repayment

Who Can Apply

  • Any business** (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
  • Not in a position to avail of Bank finance and
  • Impacted as a direct result of the Covid-19 outbreak in Ireland resulting in a 15% or more reduction in turnover or profit

Application Process

Contact the Local Enterprise Office directly for any queries relating to a Microfinance Loan Application.

We can assist you in filling in the forms, getting your application paperwork in order, and help you avail of the lower APR of 4.5%

Further Information, Including the Documents that are Required, can be found HERE

Microfinance Ireland

Microfinance Ireland (MFI), is a not-for-profit lender, established to deliver the Government’s Microenterprise Loan Fund.

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 proposals. Loans can be used to fund start-up costs, working capital, purchase of stock, equipment, machinery, business expansion etc., and can be made through your Local Enterprise Office

MFI works very closely with the Local Enterprise Offices, providing loans to small businesses, and the LEO can help you prepare your application for the Microfinance loan.  The LEO South Cork offers tailored support for you with the forms, and will work with you to ensure you have everything that is required for your loan application pack. 

MFI consider applications from businesses who may have been declined facilities from other commercial providers. What's more, when you apply for an MFI loan through your Local Enterprise Office, you benefit from a 1% discount off the standard interest rate (currently 7.8% APR) bringing the rate to 6.8% APR.  

Whether your business is set up as a Sole Trader, Partnership or a Limited Company, you are eligible to apply.  All business sectors are eligible to apply, with these exceptions:  http://www.microfinanceireland.ie/exclusions/

To make a loan application, you will need to complete and submit a number of documents as part of the application process, as well as the application form itself. To apply for assistance with the application from the LEO, please register here

Calculate your monthly repayments using MFI’s Loan Calculator http://www.microfinanceireland.ie/apply-now/loan-calculator/

Talk to your LEO Business Advisor or Click here https://www.microfinanceireland.ie/application-documents/for more information.