Microfinance Ireland COVID-19 Business Loan

V8-LEO-2020-Microfinance-Loan-Instream

Microfinance Ireland’s COVID 19 Business Loan Fund has been highly successful since its inception in March. Over €15.65 million in loans has been approved to 581 Irish micro businesses, and a pipeline of further applications being processed which will require the remainder of the €20 million fund. A further 760 business have been supported through restructuring or deferral arrangements for existing customers.

 

Lending under the MFI COVID Scheme has supported 2000 jobs across the country. However, due to this unprecedent demand, lending through this scheme has currently been paused as legislation is required to increase the funding of MFI which is currently at capacity. This legislation is currently undergoing scrutiny in the houses of the Oireachtas. Microfinance Ireland and the Department of Business, Enterprise and Innovation will work together to reopen this Loan Fund as soon as the relevant funding has been put in place through the appropriate channels.

COVID-19 Business Loan


The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current period of uncertainty and protect job creation or sustainment in Ireland.


If your business is impacted or may be 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 may be able to help your business.


Applications made through the Local Enterprise Office Westmeath can avail of the lower interest rate of 4.5% and you can also request free finance mentoring to help you complete the application form.

Product Features

  • Loans from €5,000 – €50,000
  • Supports businesses who have been impacted negatively by coronovirus in Ireland
  • Loan terms typically up to 3 years
  • First 6 months – Interest & Repayment free
  • No fees/no hidden costs/charges
  • Fixed repayments/no penalty for early repayment
  • Lower interest rate of 4.5% for applications submitted through your Local Enterprise Office

Eligibility

  • 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 finance from Banks and other commercial lending providers
  • 15% of actual or projected turnover or profit is negatively impacted by COVID-19

DOWNLOAD APPLICATION FORM HERE

Please contact Gearoid in the Local Enterprise Office Westmeath to avail of a Finance mentor to assist with your application and to avail of the 4.5% rate for LEO clients

E: localenterprise@westmeathcoco.ie

T: (044) 933 8945

 

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