Microfinance Ireland has been funded by the Irish Government to provide loans to newly established and growing microenterprises (turnover less than €2m; staff less than 10) across all industry sectors that do not meet the conventional risk criteria applied by banks.
Under a partnership between Microfinance Ireland and the Local Enterprise Offices, Business Loans are now available through the LOCAL ENTERPRISE OFFICE.
- From 1st July 2016, new reduced rate of (6.8% APR) when you apply via LEO. The standard fixed rate of (7.8% APR) will be applicable to businesses who apply directly to Microfinance Ireland.
- Unsecured loans from €2,000 up to €25,000.
- Term from 3 to 5 years.
- Flexibility on repayment terms.
For application form please click here.
CASE STUDY (HOW MICROFINANCE CAN HELP YOU)
The loans are provided and underwritten by our partner organisation Microfinance Ireland and application may be made through the LEO office and will be in the first instance will be assessed locally. Microfinance Ireland was established by the Government to provide additional lending to start-up and existing micro enterprises. The final decision for all loan applications is made by Microfinance Ireland. Loans are repayable to Microfinance Ireland according to the terms and conditions set out by Microfinance Ireland.
In addition approved Microfinance loan applicants can also benefit from mentoring services, arranged through the Local Enterprise Offices and tailored to the specific requirements of the business.
WHO CAN APPLY
Sole Traders, Partnerships and Limited Companies with fewer than 10 employees and an annual turnover of less than €2 MILLION are eligible to apply. Unlike some of the other financial supports available from the LEO, all business sectors are eligible to apply. Loans can be used to fund start-ups, existing and growth micro enterprises and can be used for working capital or the hiring of new employees, the purchase of stock, equipment, machinery and business vehicles.
Useful MFI Loan Repayment Calculator and online eligibility survey available now on MFI website. For application form please click here.
If you need further information email your local Enterprise Office click here for list of offices