Microfinance Ireland, Supporting Micro-Enterprise Growth
Microfinance Ireland is a 100% owned subsidiary company of the Social Finance Foundation and is a private not for profit entity which has been mandated by Government to deliver its statutory based Microfinance Loan Fund. Businesses from any sector can qualify for Microfinance Ireland funding as long as they have less than 10 employees and a turnover of less than €2million per annum.
Minister for Business and Employment Ged Nash said:
“I believe the strong level of engagement between Microfinance Ireland and the Local Enterprise Offices, which are a first stop shop for small businesses is working very well. This is a joined up approach and frankly makes a lot of sense as microenterprises can go to their LEO for advice, mentoring and to access supports available from Government, but also can use the LEO as a link to getting small loans from Microfinance Ireland to grow their businesses.”
Microfinance Ireland (MFI) is aiming to have supported a further 1,000 jobs in 2015 through providing ongoing finance to micro-enterprises who have been unable to secure funding elsewhere. More than 1,000 jobs have already been supported by Microfinance Ireland through its lending to businesses which have 10 employees or less and a turnover of less than €2m per annum.
Micro enterprises which choose to apply can do so directly to MFI or through there Local Enterprise Office (LEO). If the application is submitted through the Local Enterprise Office (LEO), businesses can avail of a 1% reduction in the interest rate for the loan.
On the 1st of April 2015 following an MFI review by the Department of Jobs, Enterprise and Innovation, Minister Nash announced plans for new practices governing applications which will come into effect in due course. Aspects due to be enacted will include the removal of the need for bank refusal prior to MFI application and a new automatic bank referral system. Furthermore, the review suggested that further deepening of the relationship between MFI and the Local Enterprise Offices should be achieved as it has been found that this relationship worked admirably. Press Release
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You can download the application form here: Microfinance Application Form
Microfinnace Ireland Website: http://microfinanceireland.ie/
