Microfinance Ireland (MFI), the government-funded not-for-profit lender, is providing much-needed financial support by way of loan finance of up to €25,000 to support micro enterprises.

MFI helps small businesses with less than 10 employees and an annual turnover of less than €2m to

access unsecured business loans of €2,000 to €25,000. Sole Traders, Partnerships and Limited Companies are all eligible to apply.

Loans with Microfinance Ireland are funded through the government’s Microenterprise Loan Fund. The purpose of the fund is to help viable start-ups and established businesses who cannot access funding from the conventional banking market to secure the financial support they need to get started or to grow their business and create jobs.

Microfinance Ireland CEO Des McCarthy explains: “With the consolidation of the banking market in Ireland, many small firms who had to switch their bank may find it challenging to agree the same working capital facilities they had before. Some SME borrowers have also found bank credit is becoming more difficult to obtain.

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"Microfinance Ireland has significant funding available and is an alternative for businesses that cannot obtain funding from the banks. We look at each application on its own merits and base our decisions on the viability of the business and ability to repay the loan.”

Des McCarthy adds: “Our application process is straightforward. Once an application is received, we endeavour to have a decision within 10 business days. Our process involves the usual checks and business and financial review. We always speak directly to the borrower to understand their business and their motivation, ensuring that they get the chance to make the best case for their business.

"We work closely with the Local Enterprise Offices who often assist customers complete their applications and deliver our free client mentoring service if needed. Our mandate from government is to support small businesses, protect jobs and the economy overall. We are happy to be supporting SMEs across all sectors with this.”

Microfinance Ireland, which recently celebrated its 10th anniversary, has supported almost 5,000 small businesses, lending €75m and supporting over 10,000 jobs in small businesses in towns throughout Ireland.

For more information, go to https://microfinanceireland.ie