Microfinance Ireland (MFI), is a not-for-profit lender, established to deliver the Government’s Microenterprise Loan Fund.
MFI works very closely with the Local Enterprise Offices (LEOs), providing loans to small businesses. Helping to create and sustain employment by providing loans to small businesses is at the heart of what they do.
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 €50,000 for commercially viable business proposals. Loans can be used to fund start-up costs, working capital, purchase of stock, equipment, machinery, business expansion etc.
They consider applications from any small business (Sole Trader, Partnership or a Limited Company) who may be having difficulties in getting access to finance from other commercial providers.
All sectors are eligible to apply, with these exceptions
COVID19 Loan Business Loans: €5,000 - €50,000
If your business is a micro-enterprise which is 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 up to €50,000 may be able to support your business.
Discounted interest rate of 4.5% APR if your loan application is submitted through the Local Enterprise Office
More information on MFI’s COVID19 Business Loan is availablehere
Standard Loan Packages : €2,000 - €25,000
You can apply for a standard MFI loan through your Local Enterprise Office and avail of a 1% discount off the standard interest rate (currently 7.8% APR) bringing the rate to 6.8% APR.
Once a customer has been approved a loan with MFI, mentoring support will be provided with a mentor from the LEO Mentor Panel. Mentoring is a critically important non-financial learning and support tool, helping business develop and grow.
To make a loan application to Microfinance Ireland, you will need to complete and submit a number of documents as part of the application process. Your Local Enterprise Office can provide valuable help and support to you in preparing your application.
Talk to your LEO Business Advisor or click here to get the relevant application documents emailed to you for your business.
