Microfinance Ireland (MFI) is a government funded, not for profit lending organisation, established to provide loan finance to both start-up and existing micro-enterprises that are having difficulty in accessing credit through commercial lenders.
Businesses with fewer than 10 employees and turnover of less than €2million annually are eligible to apply. Funding is available through 4 Loan Packages ranging from €2,000 to €25,000 for a wide variety of purposes including working capital, stock and capital expenditure. Loan terms are available from 3 to 5 years.
MFI offers loans at a fixed interest rate of 6.8% APR for applications received through Local Enterprise Offices, Local Development Companies and Banks. It also has a fixed interest rate of 7.8% APR for applications submitted directly to MFI.
MFI as part of its loan packages also offers expert one-to-one mentoring to approved loan applicants through Local Enterprise Offices, increasing the chances of small businesses achieving commercial success, and helping to sustain jobs in the longer term.
Up to September 2017, over 3,000 jobs have been supported by MFI through the provision of €21 million in approved loans to over 1,400 businesses.
Further information about Microfinance Ireland loans and Mentoring services can be found at www.microfinanceireland.ie.