This short information session will be delivered by Lorna Duffy and Mick Crowley from Micro Finance Ireland (MFI).    Also in attendance is John McKenna, LEO mentor; as well as Brian Flynn LEO North & West Cork and Marion Guiry LEO South Cork.   

MFI provides small loans through the Government’s Micro-Enterprise Loan Fund. The purpose of the fund is to help startups and established businesses to get the finance they need for their business.

A micro-enterprise is regarded as a small business with fewer than 10 employees and an annual turnover of less than €2m.  MFI helps these businesses by providing unsecured business loans from €2,000 up to €50,000 for commercially viable proposals.  Sole Traders, Partnerships & Limited Companies are all eligible to apply.

MFI can consider applications from businesses that may have been declined a loan from their bank or credit union They base their decision on the viability of the business and ability to repay the loan.

MFI works closely with your Local Enterprise Offices, to provide viable businesses with the support they need to get started or to grow their business and to create jobs.

Your Local Enterprise office will help you to prepare the documents you need to apply for an MFI loan.   You will get a 1% reduction in the interest rate when you submit your application through your Local Enterprise Offices in County Cork - so, 5.5% - instead of 6.5%.